KARACHI: The State Bank of Pakistan (SBP) has said that the number of Raast IDs registration has crossed the 10 million mark, terming it another milestone in the journey of digitisation. In a tweet on Monday, the SBP said that the Raast system was launched in February 2022. It said that the aggregated value of person to person (P2P) transactions using the Raast system by customers has crossed Rs36 billion. Raast, a flagship initiative of the State Bank of Pakistan (SBP) is a payment system platform that enables various types of transactions among different stakeholders such as organisations, businesses and persons. The objective of this initiative is to promote digitization and financial inclusion in the country. In the first phase of Raast, launched in January 2021, transactions from organizations to persons, generally referred to as Bulk Payments, were enabled. The second phase is designed to facilitate P2P transactions under Raast. TLTP
