The State Bank of Pakistan (SBP) Thursday said that Raast, Pakistan’s first instant payment system, has now processed 892 million transactions worth Rs. 20 trillion.
The central bank said that the most recent trillion was achieved in just 16 days. This reflects SBP’s commitment to making digital payments easier and accessible for all, the statement added.
Raast enables payments among individuals, businesses, and other entities to settle transactions in real time. Raast first use case, bulk payment, went live in January 2021 with the disbursement of dividends via Central Depository Corporation (CDC).
Raast second use case, person-to-person (P2P), went live in February 2022. P2P offers free transfers between two individuals instantly using a mobile number as their Raast ID or through IBAN.