Summary
Pakistan launched its First Digital Payment System “Raast”. The digital payment system is actually a step towards making the country currency-rich. Because today’s world is already paperless as well as currency-less. And the payment system used for the currency-less system is called Digital Payment System. It is named “Raast” because “Raast” literally means “The Right Path”. So it is the right thing to do for the growth of the country’s economy. Therefore, it is named “Raast”.
Banking systems will be connected to each other and a person who has an account on it. That can use it to transfer his payments from one place to another and for this you no longer have to wait for 2-3 days for the check to be cleared. All you have to do is transfer your money in just a few seconds.
RAAST SYSTEM WILL BE IMPLEMENTED
According to the State Bank of Pakistan, this “Raast” system will be implemented in three phases. This account can be created on your phone number.
Three Phases of Implement First Digital Payment System
In the First Phase, the salaries of government employees and government jobs will be shifted directly. In the Second Phase More than 100 schemes under the Ehsas program will be shifted to it and in the Third Phase, the buying and selling of daily necessities of the common man will be shifted to it. Will do Now the question arises as to what are its benefits. Should we shift to it or use it, I will briefly explain its benefits at the moment.
BENEFITS OF RAAST APPLICATION
- The first benefit is that the country’s economy is a step towards being documented.
- Second, corruption will be less than that.
- Third, it will be a waste of time.
- Fourth, you can transfer money from one place to another without waiting for just a few bucks.
- Fifth With the help of this you can bring your various bank accounts and credit cards in one pipeline.
And then this Raast app will keep updating them automatically.
- You can receive money from abroad in terms of remittances.
- If you are a Freelancer and you are having difficulty receiving money from Scrill or PayPal, there is no need to worry because you will now have your country’s digital payment system available “Raast“.
Biggest Advantage of Raast App
The biggest advantage of this is that you no longer need to create a CDC account through a separate broker to invest in the stock market, but you can now invest in the stock market by building your portfolio with the help of this Rast App. In addition, it will improve the tax collection system.
This digital payment system will be a revolution in the economy of Pakistan. The experience of 5G system from above has already been successful in Pakistan. And according to the principle of hit and trial, if you shift from 4G to 5G system.
So about 10% of the economy will grow, which means that when the world shifted from 3G to 4G, the growth in the economy was similar. And if this digital payment system works together, how do you think the economy will get a boost? To make this system a success, NADRA and the banking system and mobile phone companies need full cooperation with the State Bank of Pakistan, otherwise This system will not succeed …