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HomeBusinessRaast, a person-to-person quick digital payment system, has been launched by Prime...

Raast, a person-to-person quick digital payment system, has been launched by Prime Minister Imran Khan.

Prime Minister Imran Khan on Tuesday launched Raast person-to-person payment system for instant digital transactions, saying it would create ease for the masses and bring them into the fold of formal economy.

Addressing the launch ceremony in Islamabad, he said the country’s 220 million-strong population could become a “great asset” if brought within the formal economy through digitalisation. On the other hand, if the country did not take advantage of technological advancements and the majority of the population remained outside the formal economy, then it would become a “burden”.

Sharing features of Raast, the premier said it would create ease for the common man, especially those who were afraid of going to banks because now they would be able to transfer money instantly through their mobile phones.

Also read: Imran Khan: Pakistan’s strength will come from rapid export and industrial expansion

In addition, the digital payment system would bring people into the formal economy, he said. “A country progresses when the saving rate increases, we have amongst the lowest,” he said, adding that people would have to become part of the formal economy if the country was to progress and the tax to GDP (gross domestic product) ratio would have to be increased.

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