Raast a digital payment system which will help record financial transactions digitally and will help improve economy with tax collection. It will also help instant payment sending and receiving amongst the entities.
Raast is a simple, secure and direct payment system. The word Raast taken from the Urdu word Rah e Raast which means direct way or a right way.
On Monday January 11 2021 Prime minister addressed the launching ceremony of Raast digital payment system. He told that only 2.2 Million people out of 220 million population of Pakistan pay taxes and out of those 2.2 Million taxpayers there are only 3000 people who pay 70% of total Tax.
So this need was felt to launch such a system in which all financial transaction will be recorded in the shape of Raast digital payment system which will help to track the financial transactions and so it will help collect more tax.
Prime minister said that Government have not much resources to pay for the health services and education to the people as there is very low tax collection.
The digital payments in Pakistan are only 0.2% which is very lower as compare to the other Pakistan like economies which are up to 7%.
Governor of State Bank of Pakistan Reza Baqir said that as the Government institutions, people and the other entities will be integrated with the Raast instant payment system the salaries and pension to the employees will be transferred within seconds.
Reza baqir also added that this Raast digital payment system of Pakistan will help eradicate the corruption.
The Raast instant payment system is developed by State Bank of Pakistan with help from Bill & Melinda Gates foundation, World Bank, Britain, and the United nations to improve the role of the women in the improvement of economy. With the Raast the women will have greater chance to the financial services of the country.
Already a financial assistance to women is provided in the name of ehsaas kafalat or Benazir income support program in which women have to face many problems to receive cash. This new digital payment system will ease women to receive their payments.
Already several digital payment systems are working within the country like JazzCash, EasyPaisa etc which enable users to send or receive money digitally but Raast will be its type of first digital payment system which will connect Government, financial institution, other entities, and peope.
Government entities, individuals, financial institutions and other stockholders will be able to send and receive money from this new payment system Raast.
Pakistan has been under watch by Financial Action Task Force and this new digital payment system will help curb the illegal financial transactions.