SBP to Launch RAAST Payment Systems for FBR and BISP

Web DeskOctober 6, 2023
SBP to Launch RAAST Payment Systems for FBR and BISP

The State Bank of Pakistan (SBP) is actively exploring options to expand its RAAST payment systems and is in discussions with various government organizations, including the Federal Board of Revenue (FBR) and Benazir Income Support Program (BISP), to integrate their bulk payments into RAAST. Since its inception, RAAST has successfully processed over 208 million transactions worth Rs. 4.3 trillion.

The upcoming Person-to-Government (P2G) and Government-to-Person (G2P) systems under RAAST will enhance the country’s digital ecosystem. Taxpayers will find it easier to make their tax payments, while beneficiaries of government assistance programs will also benefit from the system.

Also Read: SBP Reserves Drop to 7.63 Billion, Down by $59 Million

A study titled “Realizing the promise of responsible digital payments for merchants in Pakistan,” conducted by the “Better Than Cash Alliance,” suggests that Pakistan can improve digital inclusion and digital liquidity by digitizing Government-to-Person (G2P) and Person-to-Government (P2G) payments.

Recently, the SBP introduced the RAAST Person-to-Merchant (P2M) system, allowing individuals to make electronic payments to merchants through alternate channels like QR codes, Aliases, IBAN, and Request to Pay (RTP). RAAST has also facilitated the disbursement of government salaries, GP funds, and pension payments, eliminating the long queues previously seen at Account General Pakistan Revenues (AGPR) offices.

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