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The Federal Board of Revenue (FBR) and the Benazir Income Support Program (BISP) are just two of the other government organizations with which the State Bank of Pakistan (SBP) is in talks for integrations in order to process their bulk payments through Raast. The SBP has continued to investigate various options under Raast Payment Systems.
Since its establishment, RAAST has handled more than 208 million transactions totaling Rs. 4.3 trillion successfully, according to the SBP’s Annual Payment System Revenue.
The country’s digital ecosystem would be further strengthened by the planned P2G or G2P system under RAAST. Taxpayers will be able to pay their taxes more conveniently as a result, but those who are helped by the government’s aid program will also profit.
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According to a study by the Better Than Cash Alliance titled “Realizing the promise of responsible digital payments for merchants in Pakistan,” Pakistan can increase digital inclusion and supply for digital liquidity by digitizing Government-to-Person (G2P) and Person-to-Government (P2G) payments.
In order to allow people to pay merchants electronically using alternative channels, such as QR codes, Aliases, IBAN, and Request to Pay (RTP), a method that allows payees to initiate a request for payment to the payer, the central bank recently created the RAAST Person-to-Merchant (P2M) system.
Additionally, the RAAST permitted the payment of pensions from Account General Pakistan Revenues (AGPR), GP funds, and government salaries. Long lines that used to frequently form outside AGPR offices are no longer present.
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