Karachi: Pakistan led to the establishment of 2021 with a digital leap forward following the introduction of Raast, Pakistan’s first instant payment service that facilitates end-to-end digital payments between individuals, companies, and government agencies.
Initiated by Prime Minister Imran Khan on 11 January, the project is part of his “Digital Pakistan Vision” to incorporate deprived segments of society in the mainstream employment.
Karandaaz Chief Digital Officer Rehan Akhtar told The Express Tribune that Raast is not a bank or mobile wallet but rather a backend payment mechanism similar to 1link, which plans to take all country banks on board to provide the public with an optimized digital payment interface.
Detailing on the demanding processes, he said that to move money, the client requires the financial entity’s name and the other party’s 10 to 14-digit account number.
Finally, he clarified, there would be a request-to-pay option that will allow customers to claim payment for commodities through the service to collect the same amount digitally, thereby removing the risk of fraud.
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