Islamabad, 2024 – The State Bank of Pakistan (SBP) revealed on Thursday that Raast, the country’s first instant payment system, has processed an impressive 892 million transactions, with a total value of Rs. 20 trillion.
According to SBP, Raast’s growth has been rapid, with the latest Rs. 1 trillion in transactions completed in just 16 days. This achievement highlights SBP’s dedication to making digital payments more accessible and user-friendly across Pakistan.
Transforming Financial Transactions Across Pakistan
“Raast is transforming how payments are made in Pakistan, offering real-time transactions to individuals, businesses, and various sectors,” said the SBP spokesperson. The platform is designed to enable quick and efficient transactions, which are enhancing the nation’s digital financial infrastructure.
Raast, launched in January 2021, initially supported bulk payments, starting with dividend disbursements via the Central Depository Corporation (CDC). This marked a significant step in Pakistan’s journey toward digitized financial processes.
In February 2022, the second phase introduced person-to-person (P2P) payments. This service allows users to transfer funds instantly and free of charge by using their mobile number registered as a Raast ID or their IBAN. By simplifying person-to-person transactions, Raast continues to support SBP’s goal of fostering financial inclusion and promoting digital payments in Pakistan.
With its real-time payment capabilities, Raast remains a crucial player in accelerating Pakistan’s shift toward digital payments, ensuring faster, safer, and more convenient transactions across the country.
