PM Imran launches Pakistan’s first instant digital payment system 'Raast'

PM Imran launches Pakistan’s first instant digital payment system 'Raast'

Islamabad (Web Desk): Prime Minister Imran Khan on Monday launched Pakistan's first instant Digital Payment System 'Raast' taking the country from cash to digital economy.

Addressing the launching ceremony in Islamabad, the premier said that the 'Raast' initiative will help boost formal economy, financial inclusion of women, and eradicate poverty from the country.

PM Imran said cash economy is the biggest hurdle in tapping true potential of 220 million population of Pakistan.

“Cash economy badly affect tax collection, which is evident with the fact that only 2 million out of 220 million people are tax filers, while 30,000 of taxpayers make 70 percent of the total tax collection in the country,” Khan said.

The premier said digital Pakistan is a step forward from cash economy towards the point, where we can take maximum benefit of our 220 million population.

Prime Minister Imran Khan also congratulated State Bank of Pakistan (SBP) for working on the initiative of 'Raast' and its efforts for engaging overseas Pakistanis in convincing them to send remittances through formal channels.

“Foreign remittances have significantly improved as a result of these efforts. He said our Current Account Deficit has become surplus, which has reduced pressure on the rupee,” the PM said.

According to the SBP's website, the ‘Raast’ is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses, and government entities instantaneously.