The State Bank of Pakistan (SBP) launched Pakistan's first instant Digital Payment System, dubbed 'Raast,' on Wednesday.
The service will provide citizens with a free, quick, and secure digital person-to-person (P2P) payments service.
The SBP provided orders to banks on Thursday to permit P2P financial transactions in Pakistan using Raast, Pakistan's first Instant Payment System.
The central bank has been working hard on financial system changes such as digitalization and payment system improvements. Several steps were taken to get the payment system up and running quickly and efficiently.
‘Raast’ is an Urdu word that means "accurate and direct.” This service will provide Pakistanis with a quick, dependable, and cost-free digital payment system.
In a statement, the SBP remarked, “The launch of Raast P2P service will not only provide a convenient and hassle-free digital fund transfer service to customers but will also provide an efficient and enabling payments infrastructure that would pave the way for digitization of the economy and promotion of digital financial services in the country.”
The SBP has urged all banks to make the Raast Person-to-Person fund transfer service available to customers through at least three channels, including mobile apps, internet banking, and branch counters.
To encourage the adoption of digital financial services in Pakistan, banks have been encouraged not to charge any fees for 'Raast' services, and all transactions will be free for end-users.
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