Pakistan government announces new instant digital payment system

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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.

Several private-sector digital cash transfer systems that do not require a bank account, such as Jazzcash operated by telecommunications company Jazz and Easypaisa operated by telecommunications company Telenor Pakistan, are already available in Pakistan, but Raast would be the first to link government entities and financial institutions.

Merchants, businesses, individuals, fintechs, and government entities will be able to send and receive near real-time payments through the internet, mobile phones and agents. Government payments, including salaries and pensions, will also be made through Raast, as well as payments for nationwide financial support programmes, such as the Benazir Income Support Programme, and the Ehsaas Emergency Cash programme.

 

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first blackout then....

So it's began. All the reasons plain to see. The government is losing out on tax revenues. As for the poor, we'll if they haven't got cash then they won't have digital currency either. Watch this space.

Thanks to you Mr. Gates for helping poor countries like Pakistan. I am from India but Pakistan lagging behind India in technology. It is bad West advancing while poor nations still remaining primitive in many ways. USG engaged in destruction. Great Mr Gates helping .

anita_milewska

You press Bill Gates up against the reader and he does the transaction for you.

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You'll get screwed instantly.

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