Last Updated on: 6th October 2023, 01:22 am
Raast Instant Payment System Online Check And Benefits 2023
Prime Minister Khan launched Raast, Pakistan’s first instant digital payment system. The SBP aims to reduce the number of cash transactions as the current system creates various social problems. It is one of the best systems that the Government of Pakistan has launched in the digital world, the Raast instant payment system.
The State Bank of Pakistan has decided to set up a world-class payment system called Raast, a milestone in the digitization of Pakistan’s financial mechanism. Raast instant payment system of Pakistan helps people to send and receive money online from anywhere in seconds and hassle-free.
Raast Pakistan Digital Payment System Complete Guide 2023
This was announced by SBP Deputy Governor Sima Kamil in an interview with private media.
He said: “The central bank will integrate a new payment system called the Raast Instant Payment System (3rd January). It’s a workers’ address for the country. The Lieutenant Governor added that despite the availability of 160 million cell phones, our involvement in the digital economy is minimal because many people rely on cash.”
Additional information: “He pointed out that under the new system (Instant Payment System), SBP is trying to reduce the volume of cash transactions, as various social problems arise with the current system.”
What is The Raast Instant Payment System? How Does The Digital Instant Payment System Work?
On Monday, the Raast instant payment system launched by Prime Minister Imran Khan was recognized as the first digital payment system in Pakistan. The Raast payment system eliminates long queues for pensioners. This means pensioners can receive their payments via the Raast digital payment system.
According to the Prime Minister, the new Raast instant payment system will help end corruption and eliminate the habit of holding cash.
Under the new fair payment system developed in cooperation with international organizations, people receive payments from the government such as unpaid salaries and pensions. People no longer have to go to the bank for pensions or salaries.
SBP Governor Raza Baqir said during the live broadcast’s opening ceremony that the threat to life from corruption would also be eliminated as the new RST payment system would eliminate reliance on cash.
How To Process Ehsaas Program Payment Via Pakistan Raast Instant Payment System?
In the future, Ehsaas Programs run by the Pakistani government to help the people will also be paid through a new system. Regarding the scope of Raast’s instant payment system, Kamil said that the future payment system will digitize BISP and Ehsaas payments in the next phase until June.
Follow the most active and popular Ehsaas BISP Programs:
- Ehsaas Kafalat Program 2023
- Ehsaas Labour Program 2023
- Ehsaas Rashan Program 2023
- Ehsaas Taleemi Wazaif Program 2023
- Ehsaas Nashonuma Program 2023
This system will help nearly sixteen million women. The RAAST new payment system had already been rolled out in developed countries, including the UK and Australia. The lieutenant governor said person-to-person payments will begin after June, and by December, a common man will be able to make payments via QR codes.
Instant Payment System Link Click Here
Raast Instant Payment System Benefits
- Companies will transfer salaries through this system
- Pensioners can receive their payments via the Raast Digital Instant Payment System
- The government will transfer the payment from the Ehsaas Program to this Raast Payment System
- BISP payments are transmitted through this system
- Instant transfer to someone else
- No need to carry cash
- It can help stop corruption
- The Raast Payment System will ensure that the worthy don’t have to wait in long lines
Raast Pakistan Digital Payment System For The Stock Exchange
In the first phase of the new digital Raast payment system, listed shareholders will immediately transfer profits to shareholders.
Previously, shareholders had to wait for weeks. Likewise, steps are being taken to link state pensions and salaries directly to the system and make them immediately available to consumers.
Phase 2 begins in June and begins digital payments through the Benazir Income Support Program and the Ehsaas Program through Raast Digital Payment.
The Raast payment system will ensure that the worthy don’t have to wait in long lines. He added that more than 1.5 million women would benefit from this opportunity.
In the post-June phase, Rast’s digital payment system will be expanded from person to person. And it will be easier than regular banking since you don’t use a 14-digit bank account, you make payments using a mobile phone number.
Pakistanis will be able to make QR code payments by the end of the year, according to SBP Deputy Governor Sima Kamil, and it will be the most advanced system in the world.
Also Read: How To Donate To Prime Minister Flood Relief Fund?
