Pakistan Shifts to Raast Payment System, Phasing Out Cheques from November 16

ISLAMABAD: The federal government of Pakistan has announced a significant shift in its payment system, discontinuing cheque-based transactions under the Asaan Assignment Accounts (AAA) starting November 15. From November 16, all payments will be processed exclusively through the Raast digital payment platform, a move aimed at promoting a cashless economy.

During a high-level meeting chaired by Prime Minister Shehbaz Sharif, officials emphasized the need for modernization in financial transactions to enhance efficiency and security. The decision aligns with the government’s broader strategy to digitize the economy and reduce reliance on traditional banking methods.

This transition to Raast is expected to streamline payment processes for citizens and businesses alike, potentially reducing transaction times and costs associated with cheque processing. The government aims to foster greater financial inclusion and accessibility, particularly for those in underserved areas.

Looking ahead, the government plans to conduct further meetings to discuss the implementation of Raast and its integration with other financial services. Stakeholders from various sectors will be engaged to ensure a smooth transition and address any challenges that may arise.