On Wednesday, the State Bank of Pakistan (SBP) unveiled Pakistan’s first instant Digital Payment System ‘Raast’ to provide free, fast, and reliable digital person-to-person (P2P) payments service to people of the country.
SBP issued instructions to banks to enable Person-to-Person (P2P) fund transfers in the country through Raast, Pakistan’s Instant Payment System on Thurseday.
Raast is an Urdu word which means correct and direct—offers an instant, reliable and zero-cost digital payment system to the people of Pakistan.
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 said in a statement.
