Prime Minister Imran Khan on Tuesday introduced “Raast,” a person-to-person fast payment system, for the first time in Pakistan, to help the average man.
PM Imran remarked at the introduction of “Raast” that the new system, designed by the State Bank of Pakistan, will allow the common man to conduct transactions via cell phones and will also help to enhance saving rates.
“By involving the country’s population in the formal economy through digitization, we can turn them into a real asset,” he continued.
The prime minister stated that technology is the means by which the country can improve its saving rates and tax-to-GDP ratio in order to go forward, adding that the FBR was also employing technology to track down those who were not paying taxes despite their opulent lifestyles.
Imran Khan, the Prime Minister of Pakistan, has promised to raise the people out of poverty. He also told the governor of the SBP to set up a separate cell to help Pakistanis living abroad. “Overseas Pakistanis are our most valuable asset, and we must continue to assist them,” he added.
Finance Minister Shaukat Tarin described the Raast fast payment system as a “digital banking revolution” that will boost e-commerce and IT-related exports.
According to Shaukat Tarin, the Prime Minister will shortly announce additional steps to assist the lower middle and salaried classes who have been harmed by the price hike. Raast, he added, can be employed in the implementation of those efforts as well.