By Farooq Awan
Pakistan is taking a big step toward a cashless future. The State Bank of Pakistan (SBP) has officially launched Raast Payments Pakistan (Pvt) Ltd and introduced PRISM+, an upgraded real-time settlement system.
These new initiatives aim to expand digital payments, reduce cash use, and bring Pakistan’s payment systems in line with international standards.
Raast Payments Pakistan: A New Era for Instant Payments
Raast Payments Pakistan has been set up as a fully owned SBP subsidiary to manage the country’s instant-payments platform.
The central bank says the separate company structure will allow faster operations, better technology upgrades, and stronger governance.
Raast will make sure digital payments are reliable, expand access to more banks and financial institutions, and maintain security for both high-value and everyday transactions.
PRISM+: Faster and Safer Settlements
Alongside Raast, SBP introduced PRISM+ to replace the old RTGS system, which had been in use for over a decade.
PRISM+ can handle more transactions at once and includes Pakistan’s first Central Securities Depository (CSD) within the central bank.
It allows real-time settlement of money and securities, reducing financial risks and improving efficiency in the markets.
The system also offers new features like straight-through processing for government securities, better queue management, and intraday liquidity facilities for banks.
By connecting the CSD with the payment system, PRISM+ helps banks, companies, and government offices manage cash flow more effectively.
Encouraging Innovation with a Regulatory Sandbox
During FY25, SBP also launched a Regulatory Sandbox Framework.
This lets fintech companies, banks, and other innovators test new payment products under controlled supervision before rolling them out nationwide.
The goal is to keep up with fast-changing technology while protecting consumers and the financial system.
Pilot Projects Show Early Success
The report highlighted a successful pilot during Eid-ul-Azha 2025, where digital payments were used in major livestock markets. Buyers and sellers paid via QR codes and mobile apps instead of cash.
The success of this project encouraged expanding digital payment options to other retail areas and government services.
Digitizing Public-Sector Transactions
SBP also continued digitizing public-sector payments, including tax collection and welfare disbursements, using Raast and other electronic channels.
These reforms aim to reduce cash handling, improve transparency, and lower transaction costs.
A modern payment system helps financial inclusion and ensures money moves efficiently through the economy.
Supporting Economic Stability
The new digital-payment systems also help SBP manage money supply and reduce idle cash in the economy.
By moving more transactions to formal channels, Raast and PRISM+ will increase deposits and expand credit availability.
Strengthened settlement systems reduce financial risks and make monetary policies more effective.
Looking ahead, SBP plans to link PRISM+ with cross-border payments and use Raast for government-to-person (G2P) and person-to-government (P2G) payments.
Together, these initiatives aim to replace a large portion of cash transactions, supporting Pakistan’s shift toward a fully digital economy.
Author Profile
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Farooq Awan is a meticulous finance correspondent focused on Pakistan’s growth engines.
His reporting, driven by State Bank data, details the services sector's resilience and 3% expansion as the primary force behind GDP recovery. Awan highlights the critical role of ICT and stable policy in driving this essential economic digital transformation.
