ISLAMABAD: In what appears to be a major development for the country’s digital economy, Prime Minister Shehbaz Sharif was informed on Thursday that the RAAST digital payment platform has processed over 3 billion transactions, collectively amounting to nearly Rs80 trillion since its launch. During a briefing on RAAST’s progress to the prime minister, officials said that the platform has now garnered over 48 million users, with 53 financial institutions from across the country now integrated into the system. The prime minister lauded the achievements of the RAAST initiative and congratulated the newly appointed board members for their roles in managing the platform. Digitalisation: all govt payments will go via Raast by FY26, says SBP “RAAST plays a pivotal role in promoting a cashless economy and ensuring greater financial inclusion across Pakistan,” said Sharif. He emphasised the need to further streamline operations, with a focus on improving the platform’s efficiency, ensuring its success in both the public and private sectors. He expressed optimism that RAAST, which has already proven its importance as a national financial tool, will continue to operate with even greater efficacy. “We will continue to work on strategies that encourage businesses and individuals across the country to adopt the RAAST platform for their financial transactions,” he added. The meeting also focused on the future vision of the platform, with board members outlining plans to move all Government-to-Business (G2B) and Business-to-Government (B2G) payments to RAAST. These strategic moves aim to enhance digital financial services, providing a secure, reliable, and accessible platform for all users. The officials briefed the Prime Minister on RAAST’s progress, emphasising the role of the private sector in the platform’s management. They explained that while the initiative is led by the State Bank of Pakistan, all board members, except for one, have been selected from the private sector, bringing valuable expertise from across the financial industry. This collaborative model is expected to further drive innovation and efficiency in Pakistan’s evolving digital economy, they added. They contended that RAAST’s rapid growth reflects Pakistan’s broader push toward digitisation, with the government aiming to reduce its reliance on cash transactions and promote more transparent, secure, and efficient financial practices. Copyright Business Recorder, 2025