*Pakistan’s “First Instant Digital Payment System Raast” was launched byPrime Minister Imran Khan as a move to shift Pakistan’s economy fromcash-based to digital-based economy.*

The system introduced by the State Bank of Pakistan (SBP) along withKarandaaz Pakistan has developed a new system for processing instantpayments, 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 transactioncost 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 complexaccount numbers)

*Secure-* Provide ample verification options to ensure the funds are safeand the system is also well protected and ensure secure data protection andauthentication throughout the ecosystem

*Highly accessible-* Allow simpler and broader onboarding for paymententities such as banks, payment system operator and payment serviceproviders, merchants, government entities via APIs and ensure systemprocesses transactions 24/7 in real-time

*Innovative-* Allow participants to design new payment and financialservices/products

It is pertinent to mention that the Raast Instant Payment System is anadvanced retail payment system developed based on international standardssuch as ISO 20022 and other digital financial inclusion principles like theLevel one Principles.

It will become the core component of Pakistan’s payment infrastructure andwill allow every individual to send and receive the payments instantly in asafe, secure manner.