RAAST

By: Danyal Khattak, Waqas Masood, Nouman Salman, Talha Akbar

Introduction to Instant Payment systems:
• Similar to electronic payment systems.
• There is no need for an intermediary.
• The process takes seconds to complete the transfer.
• Provides several advantages over conventional systems.
• Convenience
• Time-saving
• Requires robust security measures.
• Part of a larger paradigm shift.
War on Cash:
• Started with the credit card in
1950’s
• Has gone through several
phases
• Further accelerated with the
introduction of e-commerce.
• And now digital payment
systems.
 Introduction to RAAST:
• RAAST is Pakistan's contribution to the
war effort.
• It was initiated on 11 Jan. 2020 and will
be rolled out over three phases.
• First step towards a digital economy.
• Introduced as a means to formalize the
economy.
• Will work to improve revenue
generation.
Dr. Reza Baqir, Governor
How RAAST will improve Public Financial Management:

• Will help in formalizing the

economy.
• Reduce tax evasion and
improve tax collection.
• Provide support in the
government’s war against
corruption.
Features of RAAST Digital Payment System:

• Instantaneous payments:  users will instantly receive payments, allowing

real-time settlement, unlike the current systems that take do not allow
instantaneous payments
• Low-to-no transaction costs for end users:  RAAST will operate at a cost
reclamation model
• Full sector-wide interoperability: It will allow all financial institutions to
seamlessly connect to each other via a single link to the central infrastructure
• Customer-centric innovative products/services: It will be built on the critical
edge technological principles
• Reliability and enhanced security: Raast will introduce more protected
payment forms
Conclusion:
• The introduction of RAAST is a great step forward for Pakistan as
it will help reduce transaction time for digital payments.
• RAAST will lead to additional efficiency in the digital payment
infrastructure of Pakistan
• RAAST would be the first of its kind to link government entities
and financial institutions
• It will provide a more secure payment system for all the people
• It will help reduce corruption since non-digital payments are the
easy way to deceit someone.
THANK YOU