Pakistan government go digital, announces new instant digital payment system

ISLAMABAD (Reuters) — Pakistan has announced a new government-run instant digital payment system in a bid to boost financial inclusion and government revenue in the country where only a fraction of economic transactions occur on the books.

The new system, called “Raast” or “direct way”, will be rolled out in three phases culminating in early 2022, officials from the State Bank of Pakistan said on Monday.

Developed through a multi-year collaboration between the State Bank of Pakistan and the Bill & Melinda Gates Foundation, with support from the World Bank, Britain and the United Nations, one goal for Raast is to boost involvement of women in the formal economy.

Source Link : https://www.reuters.com/article/pakistan-economy/pakistan-government-announces-new-instant-digital-payment-system-idUSL4N2JM349