State Bank of Pakistan (SBP) has introduced system along with Karandaaz Pakistan has developed a new system for processing instant payments, which will address payment system infrastructure-related issues.
Pakistan’s “First Instant Digital Payment System Raast” was launched by Prime Minister Imran Khan as a move to shift Pakistan’s economy from cash-based to digital-based economy.
The system introduced by the State Bank of Pakistan (SBP) along with Karandaaz Pakistan has developed a new system for processing instant payments, which will address payment system infrastructure-related issues.
Features of Raast Instant Payment system:
Fast- Provide the end-user a near real-time payment experience
Low cost- Operate on a cost-recovery mindset to provide low transaction cost to participants
Interoperable- Allow payments from and to any channel
Simple- Improve adoption and convenience through a Universal payment ID (example mobile numbers, CNIC for an alias may be used in lieu of complex account numbers)
Secure- Provide ample verification options to ensure the funds are safe and the system is also well protected and ensure secure data protection and authentication throughout the ecosystem
Highly accessible- Allow simpler and broader onboarding for payment entities such as banks, payment system operator and payment service providers, merchants, government entities via APIs and ensure system processes transactions 24/7 in real-time
Innovative- Allow participants to design new payment and financial services/products
It is pertinent to mention that the Raast Instant Payment System is an advanced retail payment system developed based on international standards such as ISO 20022 and other digital financial inclusion principles like the Level one Principles.
It will become the core component of Pakistan’s payment infrastructure and will allow every individual to send and receive the payments instantly in a safe, secure manner.