ISLAMABAD: Prime Minister Imran Khan on Monday launched a ‘right’ payment system, saying the Digital Pakistan initiative would help the country move away from the cash economy.
Addressing the function, the Prime Minister said that the ‘right’ payment system would help alleviate poverty in Pakistan.
“The cash economy is a barrier to people,” he said. He emphasized that digitized payments would put Pakistan on the path to prosperity.
Talking further about the country’s economic system, he said that Pakistan’s tax collection is very low and out of a population of 220 million, only 2 million pay taxes.
“Only 3,000 Pakistanis pay 70% tax,” he said, adding that low tax collection was a major obstacle to the country’s development.
Praising the central bank, the prime minister said there was a “record” increase in remittances. “Account surplus has eased pressure on the rupee.”
State Bank of Pakistan Governor Dr. Raza Baqir also attended the launch.
According to the SBP website, Rust is Pakistan’s first instant payment system that will enable instant digital payments between individuals, businesses and government entities.
The high-speed payment system will be used to solve short-term retail payments in real time while simultaneously providing cheap and global access to all players in the financial industry, including banks and Fantic.