Raast Payment System to Revolutionize Transaction Speeds in Pakistani Banking

[Mujahid Memon]

What is new here that was not already before??

 

[Mujahid Memon]

Yeah Nawaj Sharif did this back in 1992 before internet

tum bachpan se hi aise the ya 2018 me hogaye?

 

[Mav3rick]

'IMF agent' Raza Baqir bringing revolutionary changes that patriots in last many decades didn't even think off.

I wish we had more 'agents' like him and less 'patriots' like the previous guy who fostered and enabled money laundering of corrupt politicians.

So this 'revolutionary technology' was the spontaneous offspring of IMF instead of hard work by Central Banking officials for the past 5 years? I do know that some of you are 'dedicated' to your cause in such a manner that may defy reality and fact but atleast maintain some semblance of sensibility for the sake of others.

Oh, and before I forget, what does this revolutionize which wasn't already there with Onelink or Easy Paisa etc.? Are they not instantaneous?

 

[Bilal.]

https://twitter.com/x/status/1348647596794011649

https://twitter.com/x/status/1348647601269305345

https://twitter.com/x/status/1348647605581078530

And 6 month or so, QR code based micro payments. So you will scan the QR code of a rhahri wala and make cashless payment for the chana chat you bought from him.

 

[Norwegian]

So this 'revolutionary technology' was the spontaneous offspring of IMF instead of hard work by Central Banking officials for the past 5 years? I do know that some of you are 'dedicated' to your cause in such a manner that may defy reality and fact but atleast maintain some semblance of sensibility for the sake of others.

Oh, and before I forget, what does this revolutionize which wasn't already there with Onelink or Easy Paisa etc.? Are they not instantaneous?

This is revolutionary indeed

 

[Tom99]

PM rolls out ‘Raast’ initiative to move to cashless economy

PM rolls out ‘Raast’ to move to cashless economy | The Express Tribune

Prime Minister Imran Khan said on Monday that his government’s ‘Digital Pakistan’ initiative will help the country to fully utilise its potential by shifting from cash economy to digital

tribune.com.pk

ISLAMABAD:
The country took another step towards the digital world on Monday with the launching of Raast – Pakistan’s first instant payment system that enabled end-to-end digital payments among individuals, businesses and government entities within seconds.

This initiative, if implemented well, will contribute greatly to Pakistan's economy and future developments. It will lessen the tax corruption, enables ease and speedy transactions between businesses and people.

 

[hussain0216]

It's very important, people in our country especially crooks hide money and we need to move to a banking system where money can't be hid


In the UK we recently had all the £10 and £20 notes changed, so from personal experience loads of Pakistanis who like to hide money in money boxes, in their house, safe deposit boxes etc were struggling to get tens of thousands if not more changed to the new currency

We need to do the same in Pakistan

 

[Splurgenxs]

Hmm, let see how Pakistan implements this differently.

It's very important, people in our country especially crooks hide money and we need to move to a banking system where money can't be hid


In the UK we recently had all the £10 and £20 notes changed, so from personal experience loads of Pakistanis who like to hide money in money boxes, in their house, safe deposit boxes etc were struggling to get tens of thousands if not more changed to the new currency

We need to do the same in Pakistan

UKs economy is already organized and banking dependent.

You should compare with the Indian informal sector , if your entire economy is propped up on cash ,
you will either see a lot of suicides' or a lot of bomblasts both real and metaphorical.

The talis that you guys love thokoing on how Modi ruined India with note-bandhi , you are suggesting the same.

 

[hussain0216]

Hmm, let see how Pakistan implements this differently.



UKs economy is already organized and banking dependent.

You should compare with the Indian informal sector , if your entire economy is propped up on cash ,
you will either see a lot of suicides' or a lot of bomblasts both real and metaphorical.

The talis that you guys love thokoing on how Modi ruined India with note-bandhi , you are suggesting the same.

Modi demonetized, no one is saying go cashless


Out of interest when was the last time notes in Pakistan were changed?

 

[Baz2020]

Best of luck with this. This is going to take a decade if done right

 

[FuturePAF]

Don’t go cashless for small transitions, but offer it as an option (we don’t want to repeat modi’s demonetization mistake). Only the large ones should be cashless, so the taxes can be collected and large sales of smuggled goods can be curtailed.

 

[RealNapster]

It's very important, people in our country especially crooks hide money and we need to move to a banking system where money can't be hid


In the UK we recently had all the £10 and £20 notes changed, so from personal experience loads of Pakistanis who like to hide money in money boxes, in their house, safe deposit boxes etc were struggling to get tens of thousands if not more changed to the new currency

We need to do the same in Pakistan

No body in Pakistan hides money in boxes. They have gold bricks, properties (no tax on property) or maybe "benaami properties"...

 

[Morpheus]

CDC Processes 1st Cash Dividend Payment through RAAST

Posted 44 mins ago by ProPK Staff

Central Depository Company (CDC) has successfully processed the cash dividend of “Pak Datacom Limited” through State Bank’s RAAST payment gateway.

​

“It is indeed a moment to celebrate for both CDC and Pak Datacom Limited as both the companies were the first entities to utilize the services of Pakistan’s new and fastest payment gateway of RAAST,” said a statement issued by the Central Depository Company.
CDC is working with SBP on this project for the last 1 year to make this possible. CDC is now connected with all major Banks on RAAST and will process all dividend payments more efficiently and cost-effectively. Speaking at the occasion CEO of CDC, Mr. Badiuddin Akbar, said,

It is indeed a landmark achievement that RAAST has now been launched and operational with CDC on-board for the processing of all Dividend Disbursement transactions, which will extend valuable process improvements in terms of transparency, security, efficiency, and cost-effectiveness. We are confident that with the help of RAAST, there would be a complete transformation of the payment landscape of Pakistan.

“CDC is thankful to SBP and SECP for their continued support and patronage in achieving yet another milestone in its market transformation journey. CDC is already processing thousands of transactions related to Roshan Digital,” added the statement.

Accounts in Stock Exchange, where again SBP placed its trust on CDC to act as the bridge between Banks and Capital market entities and become the gateway for non-residents Pakistanis to invest in Pakistan Stock Exchange (PSX).

Around 2000 Roshan Digital Account holders are efficiently investing in PSX with an estimated worth of around Rs. 375 million (around USD 2.5 million) through this arrangement facilitated by the CDC.

CDC Processes 1st Cash Dividend Payment through RAAST

Central Depository Company (CDC) has successfully processed the cash dividend of “Pak Datacom Limited” through State Bank’s RAAST payment gateway.

propakistani.pk

++++++++++++++

 

[Patriot forever]

So this 'revolutionary technology' was the spontaneous offspring of IMF instead of hard work by Central Banking officials for the past 5 years? I do know that some of you are 'dedicated' to your cause in such a manner that may defy reality and fact but atleast maintain some semblance of sensibility for the sake of others.

Oh, and before I forget, what does this revolutionize which wasn't already there with Onelink or Easy Paisa etc.? Are they not instantaneous?

A very informative thread.