Raast Records Over 892 Million Transactions as SBP Pushes for Digital Shift

KARACHI: Pakistan’s digital payment landscape continues to expand rapidly, with Raast, an instant digital payment platform developed by the State Bank of Pakistan (SBP), crossing a major milestone. Since its launch, Raast has processed more than 892 million transactions, amounting to over Rs 20 trillion, according to data shared by SBP officials.

This announcement came during the launch of the “Go Cashless” campaign at a shopping mall in Clifton, Karachi. The event, part of the Pakistan Financial Literacy Week (PFLW) 2025, was inaugurated by SBP Deputy Governor Saleem Ullah. The initiative, held in collaboration with 12 leading financial institutions, aimed to raise public awareness about the benefits and usability of digital payment systems.

The Deputy Governor emphasized that the campaign aligns with the central bank’s broader strategy to promote financial inclusion and accelerate the shift toward a digital and cash-lite economy. He described digital payments as a key pillar of economic modernization and outlined recent trends in Pakistan’s financial ecosystem.

Highlighting performance metrics, Ullah noted that Raast alone facilitated 795.7 million transactions worth Rs 6.4 trillion in the second quarter of 2025.

Additionally, he pointed out a 62% growth in transactions via mobile and internet banking services, underscoring a broader digital transformation in consumer behavior. In FY2024, digital transaction volume grew by 35%, increasing from Rs 4.7 billion to Rs 6.4 billion, while the total value of these transactions reached Rs 547 trillion.

The “Go Cashless” campaign is designed not only to encourage consumer use but also to educate vendors and retailers about secure and efficient digital transaction methods. By setting up the event in a public commercial space, the SBP and its partner institutions aimed to demonstrate the practicality and convenience of going cashless in everyday settings.

Ullah emphasized that this effort is not a one-time event but part of a sustained vision for digital integration across all levels of commerce. The campaign promotes the idea that digital payments should become the preferred mode of transaction, whether it’s a small market vendor or a large retail outlet.