Karachi, September 2, 2023 – Pakistan’s groundbreaking instant payment system, Raast, is set to undergo a major system upgrade, temporarily rendering it unavailable to the public, according to an announcement by the State Bank of Pakistan (SBP).
The SBP revealed that the much-anticipated Raast services will be temporarily offline from 09:00 AM on September 3 until 12:00 AM on September 4, 2023, as part of a pre-planned system upgrade aimed at enhancing its capabilities and ensuring seamless operation.
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Raast, Pakistan’s pioneering instant payment system, has garnered significant attention since its inception. It was designed to facilitate end-to-end digital payments, bridging the gap between individuals, businesses, and government entities by enabling instantaneous, secure, and convenient transactions.
The system leverages Pakistan’s state-of-the-art Faster Payment System to facilitate real-time settlements for small-value retail transactions, promoting efficiency in the country’s financial ecosystem. Moreover, Raast aims to provide affordable and universal access to a wide range of financial industry players, including commercial banks, microfinance banks, government entities, and fintech companies, including Electronic Money Institutions (EMIs) and Payment Service Providers (PSPs).
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The decision to temporarily suspend Raast services underscores the SBP’s commitment to ensuring the system’s reliability and effectiveness. The upgrade is expected to bring significant improvements in terms of speed, security, and overall user experience.
During this temporary downtime, the Raast team will work diligently to implement the necessary upgrades and optimizations. This strategic move aligns with Pakistan’s broader efforts to modernize its financial infrastructure and enhance the ease of conducting digital financial transactions.
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The SBP encourages users to plan their financial transactions accordingly during the brief service interruption. Upon completion of the upgrade, Raast will resume its mission of facilitating swift, secure, and inclusive digital payments for all citizens, businesses, and government entities across Pakistan.
As the country eagerly awaits the return of an enhanced Raast, it is clear that this system is set to play a pivotal role in shaping Pakistan’s digital financial landscape, fostering economic growth and financial inclusion for all.
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Stay tuned for more updates on the exciting developments in Pakistan’s financial technology ecosystem as Raast continues its journey toward becoming a catalyst for digital transformation in the nation.
