BISP Digital Payments via RAAST: Transforming Social Welfare with Secure, Instant Transfers

The Benazir Income Support Programme (BISP) is stepping into the digital age with the launch of its pilot digital payment system via RAAST, Pakistan’s instant digital payment system. This initiative is set to streamline the process, making it faster, safer, and more secure for over 10 million beneficiaries nationwide.

What Is RAAST and Why Is BISP Embracing It?

RAAST is Pakistan’s state-of-the-art digital payment system, developed by the State Bank of Pakistan. It enables instant, low-cost, and secure money transfers, making it an ideal choice for BISP’s transition to digital payments. By integrating RAAST, BISP is not only aiming to improve the speed of payments but also to promote financial inclusion, especially for women in rural areas.

Key Benefits of RAAST for BISP’s Beneficiaries:

• Faster Payments: Quick and instant transactions.

• Increased Transparency: Full traceability of payments.

• Secure Transactions: Reduces the risk of fraud and errors.

• Empowerment: Provides secure and private access to funds, especially for women.

• Improved Efficiency: Reduced reliance on physical cash handling and agents.

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Pilot Launch: Testing Digital Payments in Seven Regions

In the first phase, BISP will roll out the RAAST digital payment system in seven regions across Pakistan. These areas have been selected carefully based on:

• Low Operational Workload: To minimize initial complications.

• Mobile Wallet Infrastructure: Areas with robust mobile wallet facilities.

• Digital Literacy: Communities with a solid understanding of digital systems.

This pilot phase will allow BISP to test the system’s effectiveness before expanding it nationwide, ensuring a smooth, scalable transition to digital payments.

Key Features of the RAAST System

• 24/7 Payment Accessibility: Beneficiaries can access funds at any time, from anywhere.

• No Physical Agents: Digital transfers eliminate the need for agents, reducing fraud.

• Financial Inclusion: Focused efforts on rural women, who often have limited access to traditional banking.

• Reduced Waiting Times: No more long queues at payment centers.

BISP’s Strategic Meeting: Key Takeaways

During a recent meeting, BISP Chairperson Rubina Khalid emphasized the importance of:

• Biometric Verification: Essential for ensuring the security and authenticity of each transaction.

• Beneficiary Mobility: Simplifying the process to make it more accessible.

• Mobile Wallet Trials: Exploring mobile wallet usage in regions with less workload to test its viability.

Additionally, Karandaaz, a leading partner in the project, will provide the necessary technical support for the successful launch and management of the digital payment system.

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Frequently Asked Questions (FAQs)

Q1: What is the goal of BISP’s digital transformation?

A1: The goal is to introduce a secure, fast, and transparent payment system for beneficiaries, utilizing RAAST and mobile wallets to enhance financial inclusion.

Q2: Who will benefit from the new payment system?

A2: Initially, seven regions will benefit, particularly in areas with lower operational workloads. The system will eventually expand to 10 million beneficiaries.

Q3: Is biometric verification required for transactions?

A3: Yes, biometric verification remains a critical component to ensure the integrity and security of the payment process.

Q4: What is Karandaaz’s role in this project?

A4: Karandaaz is providing technical expertise to ensure the smooth launch, integration, and management of the RAAST digital payment system.

Conclusion:

With the launch of RAAST-powered digital payments, BISP is paving the way for a more secure, efficient, and transparent system. By reducing dependency on physical agents and introducing secure digital payments, BISP is not just improving financial efficiency; it is also championing financial inclusion, particularly for women in rural communities.

The pilot project will soon begin across seven regions, and once successful, it will expand to provide millions of families with faster, safer, and more dignified financial support directly through their mobile wallets.

Stay updated on the latest BISP developments to see how digital transformation is shaping the future of social welfare in Pakistan!