Raast transactions hit Rs20tr mark

October 18, 2024 (MLN): The State Bank of Pakistan (SBP) has announced that Raast has processed 892 million transactions amounting to Rs20 trillion.

Interestingly, the most recent trillion was achieved in just 16 days.

This reflects SBP’s commitment to making digital payments easier and accessible for all.

Raast is Pakistan's first instant payment platform which enables end-to-end digital payments between individuals, businesses and government entities.

The state-of-the-art Pakistan’s Faster Payment System can be used to settle small-value retail payments in real-time while at the same time provide cheap and universal access to all players in the financial industry including banks and fintechs.

This is a payment gateway developed by the central bank. It enables the real-time transfer of money without any transaction fees.

Pakistan has had low electronic transactions for a number of reasons including low banking penetration, lack of trust and awareness of digital payment methods, limited interoperability, difficult accessibility and high cost of transactions.

The Real Time Gross Settlement System (RTGS) of Pakistan provides instant payment settlements for large value and corporate transactions only. Raast: Pakistan’s Instant Payment System will facilitate retail payment settlements with much great efficiency.

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