Pakistan, Jan. 15 -- Pakistan has announced a new government-run instant digital payment system called Raast or "Direct Way" in a bid to boost financial inclusion and government revenue in the country. According to the State Bank of Pakistan, the moving force behind Raast, the new digital system will be rolled out in three phases culminating in early 2022. Raast would allow merchants, businesses, individuals, fin-techs and government entities in Pakistan to send and receive near real-time payments through the internet, mobile phones and agents.

Developed through a multiyear collaboration between the State Bank of Pakistan and the Bill & Melinda Gates Foundation, with support from the World Bank, the United Kingdom and the United Nations,...