ISLAMABAD, Pakistan: Prime Minister Imran Khan on Monday launched Pakistan’s first Instant Digital Payment System “Raast” in Islamabad, taking the Country from cash to digital economy.
“Raast” introduced by the State Bank of Pakistan is part of Prime Minister Imran Khan’s “Digital Pakistan” vision to include poor segments of the society in formal economy.
It will also enable secure, efficient, and transparent financial transactions.
While addressing the Launching Ceremony in Islamabad, the prime minister said that the ‘Raast’ initiative will help boost the formal economy, financial inclusion of women, and eradicate poverty from the Country.
The prime minister said that the cash economy is the biggest hurdle in tapping the true potential of the 220 million population of Pakistan. He said that the cash economy badly affect tax collection, which is evident with the fact that only two 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.
Imran Khan said that the Digital Pakistan is a step forward from a cash economy towards the point where we can take maximum benefit of our 220 million population.
The prime minister also congratulated the State Bank of Pakistan for working on this initiative of ‘Raast’ and bank efforts for engaging Overseas Pakistanis in convincing them to send remittances through formal channels.
Monday Pakistan will take a big leap in digital payment system. SBP introducing a world class system called “Rast” starting with a feature: Instant credit of dividends from listed companies to share holders soon Pakistan will see a revolution in contact less payments Insha’ Allah pic.twitter.com/tRSQqnNAJq
— Kamran Khan (@AajKamranKhan) January 9, 2021
