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The problem with Visa and Mastercard in the developing countries I've experienced is the banking system. In Cambodia, you can only get a credit card from a Cam
by marcus_holmes 7y ago
The problem with Visa and Mastercard in the developing countries I've experienced is the banking system.
In Cambodia, you can only get a credit card from a Cambodian bank if you have a deposit with them that matches your credit limit (i.e. to get a card with a $5K limit, you need to maintain a balance of $5K in your account).
Most people cannot get credit/debit cards because the banks won't issue them, because they don't trust anyone and won't take the risk involved in issuing cards
I can see how Libra will solve a lot of frustrations for Visa/Mastercard working in poorer countries
- TheSpiceIsLife 7y agoWhat risk is there in issuing debit cards? Other than the obvious fraud potential, but that usually doesn’t originate with the card holder.
- marcus_holmes 7y agoto be honest, I'm not sure. They issued me one when I asked for it, but I had to ask, it wasn't normal. And often when I use it, I get a Whatsapp call from a nervous bank staff member checking that it was me that used it. Kind of cute really.
- TheSpiceIsLife 7y agoYeah right. Where do you live? Here in Australia Visa / Mastercard debit cards are very common.
- marcus_holmes 7y agoThis is Cambodia I'm talking about.I don't live there any more, but I still use the bank account I set up when I did