Three billion transactions: RAAST seeks to be Pakistan’s official payment platform

WEB DESK: Prime Minister Shehbaz Sharif met with the newly appointed board members of the RAAST payment system on Thursday, congratulating them on their roles and expressing confidence that the institution of national importance would be managed more effectively.

During the meeting, the Prime Minister emphasised the system’s pivotal role in promoting a cashless economy and financial inclusion in Pakistan. He directed that efforts to encourage businesses across the country to use the RAAST platform be intensified. The board members briefed the Prime Minister on RAAST’s performance to date. Key statistics revealed that since its launch, the system has processed over 3 billion transactions, amounting to approximately Rs. 80 trillion. The user base has surpassed 48 million, with 53 financial institutions across the country now integrated into the network.

It was highlighted that while RAAST is an institution of the State Bank of Pakistan (SBP), all but one of its board members have been selected from the private sector based on their extensive experience.

The board outlined the organisation’s vision to migrate all Government-to-Business (G2B) and Business-to-Government (B2G) payments nationwide onto the RAAST platform. They stated that RAAST provides every individual with a secure and reliable digital payment platform.

The meeting was attended by Federal Ministers for Finance Muhammad Aurangzeb, Information & Broadcasting Attaullah Tarar, and Economic Affairs Ahad Khan Cheema; Minister for IT & Telecom Shaza Fatima Khawaja; Minister of State for Finance Bilal Azhar Kayani; the Governor of the State Bank of Pakistan, members of the RAAST board, its CEO, and other senior government officials.