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Well, I for one can't see any issues with an entire country of poorly educated people being given a card that with a flip of a switch, introduce them to the cri

by dunno 12y ago

Well, I for one can't see any issues with an entire country of poorly educated people being given a card that with a flip of a switch, introduce them to the crippling force of 25.5% compound interest. I wish I had no morals, making money would be so easy.

natrius 12y ago
It's not a credit card.
- fredbrown 12y ago
  It will function as a debit card.
  - TomGullen 12y ago
    For now.
  - serf 12y ago
    until some point at which the auto-enrollment and e-ads with "Enroll Now" and "Ask Me Later" buttons only begin rolling out, like most credit institutions tend to do.
- dunno 12y ago
  Hence the flip of the switch. "He said the broader economic impact of the card will be felt as the previously unbanked and under-banked are able to gain access to the mainstream economy, and the visibility of their assets allows them to build a financial history and establish credit-worthiness with financial institutions." Not sure how one builds credit worthiness without credit being granted.
  - vidarh 12y ago
    One builds credit worthiness by establishing a history of deposits and pattern of payments that seems "normal".
kevinkimball 12y ago
I only skimmed the article, but it looks like it is just prepaid and not credit.