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Have you been to any of countries in the world with dysfunctional banking systems? India immediately comes to mind, many African nations likely would find this

by cthaeh 7y ago

Have you been to any of countries in the world with dysfunctional banking systems? India immediately comes to mind, many African nations likely would find this incredibly useful. Just because it isn't useful to YOU doesn't mean its useless.

raxxorrax 7y ago
I thought India had any form of crypto currency banned? It is however true what you are saying. But I can easily believe that these companies would exploit those countries even more than "traditional" banking systems ever could.
acd10j 7y ago
Indian inter bank money transfers using UPI , imps are instantaneous , supported by all Indian banks and vastly superior to US system.
Xunxi 7y ago
I visited a few African countries in April, they call it "mobile money" Mpesa, MTN mobile money, and then there's Wave, Xoom, etc. To my knowledge you don't even need an internet connection for mobile money.
r00fus 7y ago
How is India’s system broken?
linuskendall 7y ago
For consumers India's banking system has seen a large number of fast online payment systems. Yes, they have problems especially in rural areas but for the people that would be target group of Libra they are well served in India. In fact, India and (as far as I know) many African countries have far more advanced digital payments systems for consumers than many European countries. International transfers are still an issue (at least from India to abroad) but this is largely a regulatory issue on foreign remittance than a technological one.
xenocyon 7y ago
I heard commentators make the same argument when Facebook was trying to push a Facebook-preferring free "basic internet" in India, which India rejected. It turns out the terms of these ostensibly beneficial deals generally only benefit the western corporation pushing them and aren't great for the people of the recipient country. Yet then too there was this sentiment of "Poor people in India should be grateful they're getting any kind of internet at all!"

by cthaeh 7y ago

raxxorrax 7y ago

I thought India had any form of crypto currency banned? It is however true what you are saying. But I can easily believe that these companies would exploit those countries even more than "traditional" banking systems ever could.

acd10j 7y ago

Indian inter bank money transfers using UPI , imps are instantaneous , supported by all Indian banks and vastly superior to US system.

Xunxi 7y ago

I visited a few African countries in April, they call it "mobile money" Mpesa, MTN mobile money, and then there's Wave, Xoom, etc. To my knowledge you don't even need an internet connection for mobile money.

r00fus 7y ago

How is India’s system broken?

linuskendall 7y ago

For consumers India's banking system has seen a large number of fast online payment systems. Yes, they have problems especially in rural areas but for the people that would be target group of Libra they are well served in India. In fact, India and (as far as I know) many African countries have far more advanced digital payments systems for consumers than many European countries. International transfers are still an issue (at least from India to abroad) but this is largely a regulatory issue on foreign remittance than a technological one.

xenocyon 7y ago

I heard commentators make the same argument when Facebook was trying to push a Facebook-preferring free "basic internet" in India, which India rejected. It turns out the terms of these ostensibly beneficial deals generally only benefit the western corporation pushing them and aren't great for the people of the recipient country. Yet then too there was this sentiment of "Poor people in India should be grateful they're getting any kind of internet at all!"