Home Press Release Karandaz Pakistan Partnered with State Bank of Pakistan to Launch Raast to...

Karandaz Pakistan Partnered with State Bank of Pakistan to Launch Raast to Benefit Transactions.

Khandaz is partnering with state bank of Pakistan

Karandaz is proud to be partnered for transactions with State Bank of Pakistan to launch Raast platform. The platform connects the individuals to individuals enabling Pakistan to make transactions with zero IBFT charges. The initiative supports financial problems of individuals making the transactions easier.

Raast is Pakistan’s first instant transactions system that will enable end-to-end digital payments among individuals, businesses and government entities instantaneously. Pakistan’s Faster Payment system will be used to settle small-value retail payments in real time while at the same time provide a cheap and universal access to all players in the financial industry including commercial banks, microfinance banks, government entities and fintechs (EMIs & PSPs).

Pakistan has had low electronic transaction for a number of reasons including low banking penetration, lack of trust and awareness of digital payment methods, limited interoperability, difficult accessibility and high cost of transaction. The Real Time Gross Settlement System (RTGS) of Pakistan provides instant payment settlements for large value and corporate transactions only. Raast is Pakistan’s Instant Payment System will facilitate retail payment settlements with much great efficiency.

Financial institutions have difficulty connecting to each other due to lack of central infrastructure. Also digital transitions are not cost effective, providing poor user experience. The available digital transactions infrastructure is insufficient to provide security.

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