Pakistan’s digital payment landscape is booming as Raast, the instant payment system, processes an incredible Rs1 trillion in just 16 days. This is a major leap forward compared to the 336 days it took to reach the same milestone two years ago!
📊 Key Highlights:
- Rs1 Trillion Processed in 16 Days 💰
- 892 Million Transactions totaling Rs20 Trillion 🏦
- Average Transaction: Rs22,421 per user 💸
- Constant improvements with Person-to-Merchant (P2M) module ⚙️
🏦 Raast’s Growth in Numbers 📈
According to the State Bank of Pakistan (SBP), Raast continues to play a key role in shaping Pakistan’s financial inclusion and digital economy. Since its launch, the platform has processed a staggering 892 million transactions amounting to Rs20 trillion. And in just the last 16 days, it achieved Rs1 trillion in transactions! 🔥
💡 Why the Surge? 🤔
The game-changer was the introduction of the Person-to-Person (P2P) module back in February 2022, and the latest Person-to-Merchant (P2M) feature. This allows businesses to collect payments using:
- QR Codes
- Raast IDs
- Bank Account Numbers
- Request-to-Pay Options
These options provide more convenience and versatility, making digital payments smoother than ever for both consumers and businesses.
📈 Banking & Financial Inclusion on the Rise 🌍
The SBP’s 2023-24 report highlighted more growth:
- 18% Increase in bank accounts, reaching 215 million accounts 🏦
- Expansion in Branch Networks: From 17,751 branches in FY23 to 18,355 in FY24 🏢
- 21.6% Increase in deposits, now totaling Rs33.2 trillion 💵
💬 What Does This Mean for Pakistan’s Economy? 🌐
This rapid expansion is not just about convenience—it’s about building a more financially inclusive Pakistan. Raast’s success signifies that the country is moving toward a cashless economy, boosting savings, and fostering economic resilience even in times of high inflation.
SBP’s efforts, such as higher interest rates, have led to a 35.2% surge in investments, especially in government securities—a trend that’s expected to continue.
🏦 What’s Next for Raast & Digital Payments? 🔮
As digital payments continue to rise, we can expect more innovative features from Raast, such as seamless integration with more businesses and potentially even more government-backed initiatives aimed at pushing the country toward a fully digital financial ecosystem.
