Libra is targeted at developing countries
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Libra is targeted at developing countries
1–10 of 41 posts
Re: Libra is targeted at developing countries
#2Yea, the narrative in mainstream circles keep saying this is another data grab. It's understandable given Facebook's history, but it's ignoring the fact that they don't need more data to make this venture worthwhile. It's a massive opportunity all on its own, on the face of it.
Re: Libra is targeted at developing countries
#3Looks interesting on a light skim. However, one key point that is always missing, how will people buy/cash-out this libra currency? Most developing countries have transactions going on in cash(unless it is happening in few hundred thousands). You'd be lucky if you see a card-payment machine anywhere except on exotic shops like car-dealership/real-estate/big brand electronics(apple). ATMs are for rich/wealthy class only. There are no debit cards, banks don't give out credit cards to anyone unless they have HUGE middle-class+ transactions/income in bank history. So, how are people going to use these fancy currencies? I have lived and visited developing countries, no paypal, no credit-card, no debit card, no bank transfer, only paper-bills accepted :)
Re: Libra is targeted at developing countries
#4India has no need for Libra, the government owned payment gateway allows for zero transaction fee, instantaneous payments and transfers. BHIM is a consumer wallet/app launched and maintained by the government for the same
Re: Libra is targeted at developing countries
#5Unified Payment Interface (UPI) in India is a highly scalable (800million transactions per month) mobile payment method with 160+ banks participating with numerous mobile apps (example: Bhim, PhonePe) that is free of charge for merchant payments and up to 30 person to person payments per month. Subsequent P2P transactions are charged at flat ₹2.5 for Please see statistics published by various agencies:
NPCI - National Payment Corporation of India is the organization responsible for administering UPI.
https://www.npci.org.in/product-statistics/upi-product-stati...
RBI - Reserve Bank of India is the central/federal bank. https://rbi.org.in/scripts/Statistics.aspx
I don't think anyone needs Libra in India. Thank you.
Re: Libra is targeted at developing countries
#6Looks interesting on a light skim. However, one key point that is always missing, how will people buy/cash-out this libra currency? Most developing countries have transactions going on in cash(unless it is happening in few hundred thousands). You'd be lucky if you see a card-payment machine anywhere except on exotic shops like car-dealership/real-estate/big brand electronics(apple). ATMs are for rich/wealthy class on…
Don't developing countries also have money-changers hanging out everywhere who specialize in things like swapping Libra for cash?
I am curious how it works when there is a net inflow into the country though.
Re: Libra is targeted at developing countries
#7Looks interesting on a light skim. However, one key point that is always missing, how will people buy/cash-out this libra currency? Most developing countries have transactions going on in cash(unless it is happening in few hundred thousands). You'd be lucky if you see a card-payment machine anywhere except on exotic shops like car-dealership/real-estate/big brand electronics(apple). ATMs are for rich/wealthy class on…
When everyone accepts libra, there is no need to exchange libra for hard currencies. Facebook, as the owner and operator of the world's largest social network, believes it can create a closed ecosystem where libra is used for many types of transactions.
Re: Libra is targeted at developing countries
#8Isn’t the USA the country where instant bank transfers dont exist? Where you get charged to withdraw cash from an ATM (unless its your banks ATM)?
Most other countries have this infrastructure already, because technically it’s trivial.
Re: Libra is targeted at developing countries
#9Isn’t the USA the country where instant bank transfers dont exist? Where you get charged to withdraw cash from an ATM (unless its your banks ATM)? Most other countries have this infrastructure already, because technically it’s trivial.
What is "most other countries"? As far as I'm aware, at least in the Eurozone ATMs also have fees (unless it's the same bank) and bank wires (SEPA) aren't instant either.
Operating ATMs may be "trivial", but it costs money, so why would you serve your competitor's customers cash for free?
Re: Libra is targeted at developing countries
#10India has no need for Libra, the government owned payment gateway allows for zero transaction fee, instantaneous payments and transfers. BHIM is a consumer wallet/app launched and maintained by the government for the same
Perhaps, but can Indian expats also send money to India via this gateway? Can you use it to order something online from another country? What about the relative weakness of the Rupee vs a mix of reserve currencies?
Libra still makes sense as an "international" currency, even if it doesn't make sense nationally.