SBP announced today that Raast, Pakistan’s pioneering instant payment system, has surpassed a significant milestone by processing 892 million transactions worth a staggering Rs. 20 trillion.
The central bank highlighted that the most recent trillion was achieved in just 16 days, underscoring the growing popularity and efficiency of Raast. This achievement reflects the SBP’s commitment to making digital payments accessible and convenient for all Pakistanis.
Raast, a real-time payment system, facilitates seamless transactions between individuals, businesses, and other entities. It offers a range of use cases, including bulk payments and person-to-person (P2P) transfers.
The bulk payment feature was launched in January 2021, enabling the disbursement of dividends through the Central Depository Corporation (CDC). In February 2022, Raast introduced the P2P transfer functionality, allowing individuals to send and receive money instantly using their mobile numbers or IBANs.
The rapid growth of Raast demonstrates its effectiveness in revolutionizing the digital payment landscape in Pakistan. As the country continues to embrace digital technologies, Raast is poised to play a crucial role in driving economic growth and financial inclusion.
