What is Raast? An Explainer.

It simply allows payments to be processed instantly. Each Bank has its own payment system, like a pipe. Many pipes not talking to each other, or just talking to each other once a day. Raast is that one big pipe to which everyone can connect.

1/ https://twitter.com/CTurnerFCDO/status/1348616676393279497

Once all pipes are connected, data (and payments) flow instantaneously. Like electrons (and hopefully w/ less bureaucracy. Say you put in a cheque for clearing -- it takes 2-3 days for it to clear. With Raast, it can theoretically be done in a few minutes.

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You want to send money to a friend, the fee is too high -- w/ Raast the cost should be close to zero, or minimal. You want to invest in stock market, but don't know how to? A dedicated app built on Raast can enable investment with a few taps on the screen

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You want to consolidate ALL your bank accounts and credit cards in one tidy app updating automatically, it is possible through Raast. You want to receive remittance, or freelance income (re: Paypal), Raast can enable that.

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You want x% of your income every month to be automatically invested in a portfolio of your choice, Raast can do that. The use-cases, and possibilities are endless. A growth mindset, and little less bureaucracy is what is required

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Raast is a payments stack. It needs to be built on an identity stack. Customer onboarding requires a digital identity & KYC which NADRA & other regulators can facilitate. Without an identity stack, the payments stack will struggle. This is the time to move beyond CNIC copies

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