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PayPal is not available in a lot of countries (Turkey would be one example). Western Union might work, but the fees are high and there's much more friction. In
by gst 7y ago
PayPal is not available in a lot of countries (Turkey would be one example). Western Union might work, but the fees are high and there's much more friction. In case you're based in the United States: Would you use Western Union over Venmo / Square Cash. If you're based in Europe: Would you use Western Union over SEPA? Libra has the potential to provide a low friction environment (like Venmo) supported by local companies that's available globally.
And while Libra definitely isn't perfect I think the set of trade-offs they chose are pretty reasonable. Another advantage over Venmo, Western Union, etc. is that the Libra will be run by a multiple independent companies, instead of locking you into a single company which is the case with the currently existing solutions (with the exception of SEPA).
- palunon 7y ago> If you're based in Europe: Would you use Western Union over SEPA ? At least in France, people actually use apps like Venmo for person to person transfers (or cash, or cheques, but they're on their way out). We mostly use SEPA for either automatic bill payment authorization, or big transfers. No one will start a bank transfer and ask for their friends IBAN to pay back two beers.