The expansion of digital payments has turned out to be a game-changer for not just individual customers but also Small and Medium Enterprises (SMEs), especially start-ups. I own a small business in Karachi and ever since various digital payment enablers began introducing revolutionary steps, we have been able to considerably streamline our operations while creating a more sustainable business model.
An important milestone in this regard has been the introduction of ‘Raast’ by the State Bank of Pakistan. It is Pakistan’s own instant payment system that has significantly cut down on processing and turnaround times for transactions. The defining feature of this scheme, however, is how simplified transferring money has become. Gone are the days when people struggled to remember and relay their account number. With ‘Raast’, people can send and receive money through their mobile numbers without any charges.
I have been an account holder at a local bank for a long time and it recently introduced ‘Raast’ into its banking app and the internet banking portal. Since then, as a business, we’ve witnessed greater interoperability when making payments to suppliers or receiving money from customers. It has allowed my company to cut costs on each transaction while opening various avenues of digital payments across our supply chain. The efforts that the State Bank of Pakistan is making in collaboration with financial institutions such as commercial banks are extremely appreciable. Ultimately, they are building a robust, convenient, secure and instantaneous digital payment ecosystem.
AMMAR MUZAFAR
KARACHI
