In a significant advancement for Pakistan’s digital economy, the State Bank of Pakistan (SBP) announced on Thursday that Raast, the country’s first instant payment system, has successfully processed a staggering 892 million transactions, reaching an impressive total of Rs. 20 trillion. The latest trillion in transactions was achieved in just 16 days, underscoring the rapid growth and increasing adoption of this innovative payment platform.
The SBP emphasized that this milestone reflects its ongoing commitment to enhancing the accessibility and convenience of digital payments for individuals and businesses across the country. Raast is designed to facilitate seamless payments among various entities, allowing for real-time transaction settlements. This swift processing capability not only streamlines financial interactions but also encourages greater participation in the digital economy.
Raast made its debut in January 2021, with its first use case centered around bulk payments. The system was initially launched to support the disbursement of dividends via the Central Depository Corporation (CDC), paving the way for a more efficient and transparent method of managing financial transactions. This initial success laid the groundwork for Raast’s further development and expansion into new use cases.
In February 2022, Raast introduced its second use case: person-to-person (P2P) payments. This feature allows users to conduct instant transfers between individuals, using either a mobile number as their Raast ID or through International Bank Account Numbers (IBAN). The P2P functionality has been particularly well-received, providing a cost-effective solution for users, as transfers between individuals via Raast are free of charge. This feature has further propelled the platform’s adoption, making it a go-to choice for those seeking quick and hassle-free payment options.
The rapid growth of Raast’s transaction volume indicates a broader shift toward digital financial solutions in Pakistan, as the nation continues to modernize its payment infrastructure. The SBP’s efforts to promote digital payments align with the government’s vision of fostering financial inclusion and driving economic growth through technology. By simplifying and accelerating the payment process, Raast is helping to create a more inclusive financial ecosystem that benefits all segments of society.
The positive response to Raast also highlights the increasing reliance on digital payment systems as a result of changing consumer behaviors and preferences. With more people embracing technology for everyday transactions, the demand for efficient, secure, and user-friendly payment solutions is at an all-time high. Raast is positioned to meet this demand, providing a robust platform that facilitates not only individual transactions but also business operations and government payments.
As Raast continues to evolve and expand its offerings, it is likely to play a pivotal role in shaping the future of payments in Pakistan. The State Bank of Pakistan remains dedicated to supporting this initiative, ensuring that digital payment solutions are not only effective but also widely accessible to all citizens.
The achievement of processing Rs. 20 trillion in transactions marks a significant milestone for Raast and serves as a testament to the potential of digital payments in driving economic development in Pakistan. As the platform grows, it promises to unlock new opportunities for individuals and businesses alike, contributing to a more vibrant and digitally connected economy.