KARACHI: The State Bank of Pakistan (SBP) has announced that Raast services will remain unavailable for two days.
According to SBP, Raast services will not be available from 09:00 AM on 3rd September, till 12:00 AM on 4th September 2023, due to a pre-planned major system upgradation.
It may be mentioned here that Raast services were making problems since Friday and on Saturday announced to suspend the services for two days.
is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses and government entities instantaneously.
The state-of-the-art Pakistan’s Faster Payment System will be used to settle small-value retail payments in real time while at the same time provide a cheap and universal access to all players in the financial industry including commercial banks, microfinance banks, government entities and fintechs (EMIs & PSPs).
Pakistan has had low electronic transactions for a number of reasons including low banking penetration, lack of trust and awareness of digital payment methods, limited interoperability, difficult accessibility and high cost of transactions. The Real Time Gross Settlement System (RTGS) of Pakistan provides instant payment settlements for large value and corporate transactions only. Raast: Pakistan’s Instant Payment System will facilitate retail payment settlements with much great efficiency.
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