Islamabad, Oct 18: Raast Transactions Reach Rs. 20 Trillion Milestone in Record Time
Raast Transactions the nation’s first rapid payment system, has handled 892 million transactions totaling Rs. 20 trillion, according to a statement released by the State Bank of Pakistan (SBP) on Thursday.
The most recent trillion, according to the central bank, was accomplished in just sixteen days. The statement also stated that this demonstrates SBP’s dedication to facilitating and enabling digital payments for everyone.
Real-time transaction settlement between individuals, companies, and other entities is made possible by Raast. The first use case for Raast, bulk payment, was implemented in January 2021 and involved the Central Depository Corporation (CDC) disbursing dividends.
Person-to-person (P2P), Raast’s second use case, launched in February 2022. P2P provides instantaneous, free transactions between two people using IBAN or a cellphone number used as their Raast ID.
