ISLAMABAD (Business Recorder): Pakistan’s instant digital payment system RAAST has processed transactions worth nearly Rs80 trillion since its launch, reflecting rapid growth in the country’s shift toward a cashless and digitally connected economy, Prime Minister Shehbaz Sharif was informed on Thursday.
RAAST growth milestones shared with prime minister
Officials briefed the prime minister that the platform has handled more than three billion transactions and now serves over 48 million users nationwide. A total of 53 financial institutions, including banks and other payment service providers, have been integrated into the system.
Prime Minister Shehbaz Sharif praised the progress made by RAAST and congratulated the recently appointed board members for overseeing the platform’s operations.
Role in financial inclusion
The prime minister highlighted RAAST’s importance in expanding access to digital financial services and reducing dependence on cash-based transactions. He stressed the need to further simplify processes and enhance operational efficiency to ensure the platform delivers results across both public and private sectors.
He also underscored the government’s commitment to encouraging wider adoption of this digital payment system among businesses and individuals.
Plans to move government payments to RAAST
The meeting also reviewed future plans for the platform, including proposals to route Government-to-Business (G2B) and Business-to-Government (B2G) payments through RAAST. Officials said this shift would strengthen transparency, security, and efficiency in public financial transactions.
Private sector role in platform management
Authorities explained that while RAAST is led by the State Bank of Pakistan, most board members come from the private sector, bringing industry experience and technical expertise into the system’s governance. This public-private model is expected to support innovation and improve service delivery.
Part of broader digitisation strategy
Officials noted that the system’s rapid expansion reflects Pakistan’s wider digitalisation agenda, aimed at promoting secure electronic payments, reducing cash handling, and modernising the financial ecosystem.
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