SBP launches P2M payments under Raast

State Bank of Pakistan (SBP) Executive Director for Digital Financial Services Group Syed Sohail Javaad said on Tuesday the country’s instant payment system Raast is on a par with similar systems implemented by developed and developing countries around the world. “You have to think of the possibilities. The SBP has provided you with all the tools that are being used globally, (especially) in India and China,” he said while addressing Retail Show 2023 organised by TerraBiz. Mr Javaad said people are increasingly shifting from cash to mobile banking, with the annual value transacted via mobile channels doubling every year. The number of mobile banking transactions increased in 2022-23 to 660.6 million while the amount clocked in at Rs23.8 trillion. This translates to an annual year-on-year growth of 70.5 per cent in volume and 100.5pc in value.