{"id":1372,"date":"2024-10-18T06:17:32","date_gmt":"2024-10-18T06:17:32","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1372"},"modified":"2025-01-14T15:39:13","modified_gmt":"2025-01-14T15:39:13","slug":"raast-processes-892-million-transactions-worth-rs-20-trillion","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1372","title":{"rendered":"Raast Processes 892 Million Transactions Worth Rs. 20 Trillion, Says SBP"},"content":{"rendered":"\r\n

Islamabad, October 18, 2024<\/strong> \u2013 The State Bank of Pakistan (SBP)<\/a> announced on Thursday that Raast, the country’s first instant payment system, has successfully processed 892 million transactions amounting to a total of Rs. 20 trillion.<\/p>\r\n\r\n\r\n\r\n

In an official statement, the central bank highlighted the rapid growth of Raast, noting that the most recent Rs. 1 trillion in transactions was achieved in just 16 days. This milestone underscores SBP’s ongoing commitment to enhancing the accessibility and ease of digital payments across Pakistan.<\/p>\r\n\r\n\r\n\r\n

“Raast is revolutionizing the way payments are made in Pakistan, facilitating real-time transactions for individuals, businesses, and various entities,” said the SBP spokesperson. The system aims to provide a seamless and efficient method for settling transactions instantly, contributing significantly to the country’s digital financial infrastructure.<\/p>\r\n\r\n\r\n\r\n

Launched in January 2021, Raast’s first use case involved bulk payments, beginning with the disbursement of dividends through the Central Depository Corporation (CDC). This marked the platform’s initial step toward digitizing financial operations in Pakistan.<\/p>\r\n\r\n\r\n\r\n

The second phase of Raast, person-to-person (P2P) payments, was rolled out in February 2022. The P2P service allows individuals to transfer money instantly and free of charge by using either a mobile number registered as their Raast ID or through their IBAN. This has simplified person-to-person transactions, further supporting SBP’s mission to foster financial inclusion and digitization in the country.<\/p>\r\n\r\n\r\n\r\n

Raast continues to play a pivotal role in driving Pakistan’s digital payment transformation, with its real-time payment capabilities ensuring faster, safer, and more convenient financial transactions nationwide.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Islamabad, October 18, 2024 – The State Bank of Pakistan (SBP) announced on Thursday that Raast, the country’s first instant payment system, has successfully processed 892 million transactions amounting to a total of Rs. 20 trillion. In an official statement, the central bank highlighted the rapid growth of Raast, noting that the most recent Rs. […]<\/p>\n","protected":false},"author":1,"featured_media":1373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[7],"tags":[226,402,14,272,59],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t