Raast Payment System Processes 892 Million Transactions Worth Rs. 20 Trillion

The State Bank of Pakistan (SBP) announced that Raast payment system has processed 892 million transactions amounting to a staggering Rs. 20 trillion. The SBP highlighted that the latest trillion rupees in transactions was achieved in just 16 days. It also reflects the rapid adoption of the system and the central bank’s efforts to promote digital payments.

Raast, an innovative payment platform, aims to make financial transactions faster, easier, and more accessible to individuals and businesses alike. It allows real-time payments between individuals, businesses, and other entities, ensuring that money transfers are settled instantly. By removing delays and offering secure and efficient payment options, Raast is playing a vital role in the digital transformation of Pakistan’s financial landscape.

Raast Payment System Processes 892 Million Transactions Worth Rs. 20 Trillion

The journey of Raast began in January 2021, when the SBP launched its first use case: bulk payments. This feature was initially used for dividend disbursement through the Central Depository Company (CDC). It makes it easier for companies to transfer payments directly to shareholders. The bulk payment feature has since been used by both government and private organizations to streamline payrolls, pensions, and other large-scale payments.

Building on the success of bulk payments, the SBP introduced the second use case of Raast, the person-to-person (P2P) payment service, in February 2022. P2P payments have been a game changer, allowing individuals to transfer money instantly and for free. With just a mobile phone number registered as a Raast ID, users can send and receive payments without needing to remember lengthy IBANs. This feature has made digital transactions more convenient, especially for those with limited financial literacy.

Raast is part of the SBP’s broader strategy to promote financial inclusion and accelerate the shift towards a cashless economy. By offering seamless, secure, and free P2P transactions, Raast encourages people to adopt digital payments instead of relying on traditional cash-based transactions. This initiative is also aligned with the government’s efforts to increase transparency and combat the informal economy.

See Also: What is Raast? How to create a Raast ID? A Comprehensive Guide

The impressive transaction volume processed through Raast demonstrates the growing trust of the public in digital payment systems. The system also benefits businesses by reducing transaction costs and speeding up the payment cycle. This, in turn, helps improve economic efficiency across various sectors.

The SBP is committed to expanding the scope of Raast by introducing new features and use cases. In the future, the platform is expected to support payments for e-commerce transactions, bill payments, and government collections, further enhancing its utility. With initiatives like Raast, Pakistan is making significant progress toward becoming a digitally connected and financially inclusive economy.

In conclusion, the success of Raast in processing 892 million transactions worth Rs. 20 trillion reflects a positive shift towards digitalization in Pakistan. As more people and businesses adopt this system, the country is poised to reap the benefits of faster payments, enhanced financial transparency, and economic growth.