The future of cash? Of banking?
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23-11-2015, 07:35 AM
RE: The future of cash? Of banking?
(22-11-2015 11:19 PM)Grassy Knoll Wrote:  
(22-11-2015 06:55 PM)Chas Wrote:  60 minutes is doing a story on M-Pesa, a simple and low-cost way to move money without credit cards or banks. It has taken off like gangbusters in Kenya.

Think of really inexpensive money orders and cash cards accessible by cell phone.

Do you think the financial services lobby might have a problem with this? Consider

"financial services lobby"? Looks like you still need a bank account to use this service.

Wouldn't bitcoins be a better example for such a question?

No bank account required, it is pre-paid credit.

Skepticism is not a position; it is an approach to claims.
Science is not a subject, but a method.
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23-11-2015, 07:39 AM
RE: The future of cash? Of banking?
(22-11-2015 10:21 PM)pablo Wrote:  
(22-11-2015 07:26 PM)DerFish Wrote:  Here in the Dominican Republic there is a lot of talk about that, but I doubt if it would work very well. How would every taxi driver and every hooker be able to transact their business.

They could get one of those card readers for their smart phones.

Maybe Kenya has a lot better cellular coverage than we do here. It is less than 70 percent here. SO if there is no coverage where the taxi is dropping you off maybe stop along the way and do the transaction? I am in favor of it as well as the idea of the new paperless passport, just infused how it will be implemented.
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23-11-2015, 07:49 AM
RE: The future of cash? Of banking?
It seems to work for all those Rich Kenyan Princes that keep wanting to send me money.

I'm just shocked that Bemore didn't start this thread.Drinking Beverage

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23-11-2015, 07:56 AM
RE: The future of cash? Of banking?
(23-11-2015 07:49 AM)Erxomai Wrote:  It seems to work for all those Rich Kenyan Princes that keep wanting to send me money.

I'm just shocked that Bemore didn't start this thread.Drinking Beverage

He paid me beaucoup Bitcoin to do it for him. Yes

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23-11-2015, 10:45 AM
RE: The future of cash? Of banking?
(23-11-2015 07:35 AM)Chas Wrote:  
(22-11-2015 11:19 PM)Grassy Knoll Wrote:  "financial services lobby"? Looks like you still need a bank account to use this service.

Wouldn't bitcoins be a better example for such a question?

No bank account required, it is pre-paid credit.

A way for people who don't have bank accounts to put funds into a central bank account that provides transactions for them. The financial services lobby shouldn't have a problem with this. The idea is genius. You don't even need a smart phone, just phone number with an SMS service. If it's less than the 20% Western Union and MoneyGram skims from transfers then it certainly has the potential of spreading to 1st world markets.

I still like bitcoins better.
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