53 Financial Institutions Now Linked to RAAST as Digital Payments Surge

Pakistan’s instant digital payment system RAAST has processed transactions worth more than Rs. 80 trillion since its launch, with over 3 billion transactions completed so far, officials told the Prime Minister during a meeting of the RAAST Board. The Prime Minister said RAAST plays a central role in promoting a cashless economy and expanding financial inclusion across the country. He stressed that the platform’s capacity and management must be continuously strengthened to meet the growing demand for digital payments. During the briefing, officials informed the Prime Minister that the number of RAAST users has crossed 48 million, while 53 financial institutions are now connected to the system nationwide. The Prime Minister directed relevant authorities to speed up efforts to encourage traders, businesses and entrepreneurs to use RAAST for everyday financial transactions. He said wider adoption of the platform would improve transparency, efficiency and public trust in digital payments. Officials explained that RAAST operates under the State Bank of Pakistan and is overseen by a board largely drawn from the private sector, selected for their professional expertise. The meeting was also told that the long-term vision for RAAST is to shift all government to business and business to government payments onto the platform, ensuring secure, reliable and low-cost digital payment access for citizens. The meeting was attended by Federal Minister for Finance Muhammad Aurangzeb, Minister for Information and Broadcasting Attaullah Tarar, Minister for Economic Affairs Ahad Khan Cheema, Minister for Information Technology Shaza Fatima Khawaja, Minister of State for Finance Bilal Azhar Kiyani, the Governor State Bank of Pakistan, members of the RAAST Board, the chief executive officer and senior government officials.