Islamabad: Prime Minister (PM) Imran Khan on Monday launched the ‘Raast’ payment system; stating that the facility was part of the government’s efforts to create a ‘Digital Pakistan’ that will aid the country in ‘moving away from cash economy’, according to news sources.
Addressing the inauguration ceremony, he stated that the government is making efforts to include poor segments of the society in the formal economy. He further expressed the hope that the Raast payment system will help eradicate poverty in Pakistan.
The prime minister emphasized that the cash economy is an obstacle for people and digitized payments will help Pakistan on its road towards prosperity; adding that the said utility will help the government collect more taxes when formal transaction channels are properly utilized. He went on to stress that the country has been unable to invest in infrastructure, human development and other sectors due to lack of financial resources – brought on by poor revenue collection.
According to reports, Raast is the first national instant payment system designed to facilitate end-to-end digital payments among individuals, businesses and government entities within seconds.