Prime Minister Imran Khan unveiled the Raast fast digital payment system on Tuesday, saying it will help the public and bring them into the official economy.
He claimed Pakistan’s 220 million people might become a “wonderful asset” if brought into the formal sector through digitalization. The country would become a “burden” if it did not take advantage of technical advances and the majority of its citizens stayed outside the formal sector.
The premier claimed Raast would make life easier for the common man, especially those who were hesitant of going to banks because they could now transfer money instantaneously via mobile phones.
Digital payment systems would also bring people into the formal economy. In order for the country to progress, he says people must join the formal economy, and the tax-to-GDP ratio must be improved.
“We are about to reach you because we are getting data very quickly,” PM Imran warned defaulters.
“Highly successful experience” involving foreign Pakistanis through Roshan Digital Accounts, he encouraged the central bank to form a permanent cell for them.
Leaving abroad He called Pakistanis the “greatest asset” since they send remittances that help Pakistan and increase forex.
The approach would also make it easy to send money to the less fortunate.
Raast is part of Prime Minister Imran’s Digital Pakistan initiative to formalise the poor. The SBP developed it with the Bill and Melinda Gates Foundation and Karandaaz, Pakistan.
