BISP Digital Payments Through RAAST – Pilot Program Launched in 7 Regions

The Benazir Income Support Program (BISP) has taken a significant step forward by launching a pilot program for digital payments through RAAST in 7 selected regions. This initiative aims to streamline payment distribution, reduce fraud, and provide beneficiaries with faster and more secure access to their financial assistance. In this article, we will discuss how the BISP-RAAST pilot program works, the selected regions, and the expected impact on BISP beneficiaries.

Table of Contents

What is RAAST and Why Is BISP Adopting It?

RAAST is Pakistan’s first instant digital payment system, developed by the State Bank of Pakistan to enable fast, low-cost, and secure transactions. BISP has adopted RAAST to ensure that payments reach beneficiaries more efficiently and transparently. Here are the main reasons for adopting RAAST:

Speed: Instant transfers ensure that beneficiaries receive their payments without delay.
Security: Biometric verification and digital tracking reduce fraud risks.
Transparency: Digital payments provide a clear record of transactions.
Financial Inclusion: Easier access to payments through mobile wallets and bank accounts.

Highlights from the BISP Digital Payment Launch Meeting

The launch meeting for the BISP-RAAST digital payment pilot program was attended by key stakeholders, including BISP Chairperson Rubina Khalid, Chief Digital Officer of Karandaaz Sharjeel Murtaza, and Director General CT Inam ur Rehman Malik. Key points discussed during the meeting include:

Implementation of Biometric Verification: Ensuring secure and accurate identification of beneficiaries.
Pilot Launch in Selected Regions: Targeting areas with low operational workload to test the system.
Potential Mobile Wallet Integration: Exploring options to further simplify payment access.
Data Security Measures: Emphasizing privacy and data protection for all digital transactions.

Regions Selected for the Pilot Launch

BISP has strategically chosen 7 regions for the pilot launch of digital payments via RAAST. These regions were selected based on their operational readiness and availability of digital infrastructure. The selected regions are:

Islamabad
Lahore
Faisalabad
Multan
Gujranwala
Peshawar
Quetta

These areas will serve as test zones to evaluate the effectiveness of the RAAST payment system before a nationwide rollout.

Benefits of Digital Payments via RAAST

Transitioning to digital payments through RAAST offers several benefits for BISP beneficiaries:

Instant Access to Funds: Beneficiaries can receive their payments instantly without delays.
Increased Security: Biometric verification reduces the risk of fraud and unauthorized withdrawals.
Transparency: All transactions are recorded digitally, ensuring accountability.
Convenience: Payments can be accessed through mobile wallets or bank accounts, reducing the need for cash handling.
Financial Inclusion: Rural and underserved areas gain access to digital financial services.

Role of Karandaaz in the RAAST Pilot Program

Karandaaz, a key partner in the RAAST pilot program, is responsible for:

Technical Support: Assisting in the implementation of digital payment infrastructure.
Training and Capacity Building: Educating BISP staff and beneficiaries on using RAAST.
Monitoring and Evaluation: Assessing the effectiveness of the pilot program and identifying areas for improvement.

FAQs

What is RAAST, and how does it work for BISP payments?

RAAST is a digital payment system that enables instant and secure transfers. BISP is using it to distribute financial assistance directly to beneficiaries’ mobile wallets or bank accounts.

Who will be included in the pilot launch?

The pilot program includes beneficiaries in Islamabad, Lahore, Faisalabad, Multan, Gujranwala, Peshawar, and Quetta.

How will beneficiaries access their payments through RAAST?

Beneficiaries will receive their payments through registered mobile wallets or linked bank accounts.

What security measures are in place for digital payments?

Biometric verification and encrypted transactions ensure secure payments.

Can beneficiaries still use traditional payment methods?

Yes, traditional methods will remain available during the pilot phase.

Conclusion

The BISP digital payment pilot program via RAAST is a transformative step towards financial inclusion and transparency. By adopting a secure and instant digital payment system, BISP aims to provide faster, safer, and more convenient access to financial assistance for its beneficiaries. As the pilot program progresses in the selected regions, more BISP recipients will likely be included, making digital payments the new standard for government aid distribution.