Raast Expansion Positions Pakistan's Payment Rails for Tokenised Settlement

Raast, the State Bank's instant payment system, now clears retail transactions at a volume that places it among the more successful public payment infrastructures deployed in the region.

Less discussed is the architectural decision to keep the settlement layer separate from the messaging layer, which leaves room for a tokenised settlement asset without rebuilding the rails.

Whether that option is exercised depends on the CBDC pilot. The infrastructure is ready in a way that most jurisdictions attempting the same transition are not.