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You just need a phone, that's it. Banking requires all the infrastructure, etc.
by rawtxapp 5y ago
You just need a phone, that's it. Banking requires all the infrastructure, etc.
- fuj 5y agoDo you think the Salvadorians do not have a bank account because of the lack of banking infrastructure or because of the fees to use it or lack of funds to justify it?
- Tarq0n 5y agoThere's plenty of primarily-online banks. I haven't set foot in a brick and mortar bank in well over a decade.
- Empact 5y agoYou presumably live in a developed economy. There's a reason 70% of El Salvadorans don't have bank accounts, and it isn't a context of easy online banking.
- el-salvador 5y agoIt's small payments what are are mostly done in cash, like the $0.20 bus fare, $1.25 lunch, $0.50 soda or $0.25 tortillas. There is no widespread electronic alternative for those payments yet here. Free mobile banking accounts have been available for a while in El Salvador, and can be opened with a selfie and a photo of your national ID. They are only avaialble for those 18+ and older though.
- madacol 5y agoprimarily-online-banks are close to non existent in latinoamerica
- Tarq0n 5y agoI don't see why developing a sophisticated mobile bitcoin payment platform would be any easier.
- TimJRobinson 5y agoBecause you don't have to deal with custody and regulation. It's just software.