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Pakistan’s first Digital Payment System was launched by Pakistan’s Prime Minister Mr. Imran Khan. The launching ceremony was held on Monday January, 11 at Islamabad. As said by PM Khan that this digital system will boost our economy and stabilize payment system.
The Digital Payment system was necessary for Pakistan’s economy and is a step towards Digital Pakistan Vision aiming to equalize rich poor gap and to include poor segments of our society in the formal economy.
“Raast is a big step towards realizing Pakistan’s true potential; it will encourage people to use formal channels of payments and send remittance using formal channels. It will help the country move from cash economy to digital economy and help the government to collect more taxes through formal transaction channels”
Prime Minister Mr. Imran
PM Mr. Khan elaborated that the biggest loss of the cash economy is lack of tax collection. Pakistan is among the lowest tax collectors in the world. He said that it is unfortunate for us that only 2M (two million) population paid tax out of 220M.
He said that Raast will further enhance our previous payment programs. He mentioned ‘Ehsaas‘ program, which was using mobile wallets payment mechanism and digitizing women’s bank accounts.
“We are trying to improve women’s standard of living by providing them financial facilities and opportunities so the financial system could bring source of livelihood for women. It is our priority to give women opportunities, open bank accounts for them, give them livestock so they can themselves improve their standard of living”.
PM addressing Raast launching ceremony
The prime minister Mr. Imran Khan congratulated the State Bank of Pakistan’s team for improving foreign remittances in country.
“It too is a great achievement of the SBP that our overseas Pakistanis who used to send money through non-formal channels are now using formal channels to send the same.”
PM Mr. Khan disclosed that the biggest benefit of remittances through formal channels was a decrease in pressure on the rupee. Therefore the country’s current account had been in surplus for the last five months
“The effort of ‘Raast‘ is to boost our formal economy.” PM Imran Khan
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