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If the US doesn't take a lead in the fintech race China will take over the world. Imagine everyone in Africa, S.E. Asia, etc using Alipay. This takes away power
by solotronics 7y ago
If the US doesn't take a lead in the fintech race China will take over the world. Imagine everyone in Africa, S.E. Asia, etc using Alipay. This takes away power from the US in control and de-dollarization.
- jasonjei 7y agoYou raised an interesting point about Alipay. But I’ve had equally fast transactions with Apple Pay/Android Pay. Why not double down on NFC payment options coupled with desktop devices instead of building an Alipay alternative? If you’re using a credit card as source payment, you get a bank to protect your purchase and presumably some points or rebate? I understand cryptocurrency as potential replacement to wire transfers and cash payments. But as a consumer friendly choice, why would somebody choose to pay with crypto over NFC pay (with banks promising purchase protection when coupled with credit card)?
- carlosdp 7y agoYou can't use Apple Pay on top of a bank account that doesn't exist. 1.7b of the people in emerging markets don't have access to banking services. 500m+ of them have internet/cells and many have Facebook/WhatsApp. Hence Facebook's interest.
- Lucadg 7y agoyou, and I, represent a small fraction of the total addressa ble market. A huge chunk of the world does not have access to credit cards.