Pakistanis completed transactions totaling Rs1 trillion through the Raast instant payment system
Remarkable shift towards digital payments, Pakistanis completed transactions totaling Rs1 trillion through the Raast instant payment system in just 16 days, a stark contrast to the 336 days it took to reach the first trillion.
The State Bank of Pakistan (SBP) reported that Raast has now processed 892 million transactions amounting to Rs20 trillion, showcasing a growing preference for online financial solutions.
The rapid increase is largely attributed to the Person-to-Person (P2P) module launched in February 2022. Additionally, the introduction of the Person-to-Merchant (P2M) module allows businesses to accept payments via QR codes and bank accounts, enhancing convenience for customers.
Financial inclusion is on the rise, with the number of accounts growing by 18% to reach 215 million by the end of FY24, aided by an expanding network of banks and microfinance institutions. Despite economic challenges, the growth in digital payments signifies a positive trend towards a more inclusive financial landscape in Pakistan.
