Until every Facebook employee is payed in Libra, including Zucks's shares, I know where they stand on the purpose of Libra.
Libra is targeted at developing countries
31–40 of 41 posts
Re: Libra is targeted at developing countries
#32Earlier quoted context omitted.
Anybody who uses VISA or PayPal but then wouldn't use Libra because of "privacy concerns" probably doesn't realize how invasive these other companies are. Libra will not require a Facebook account and will supposedly not be tied to a Facebook account, so the danger should be about the same.
If this product brings us from a world of venmo, paypal, facebook payments, wechat etc to one where I can use any of their clients to send money to any of the other clients, I consider it a huge win. It's so silly that my friends and I have to agree on the same money app to send money to each other. Imagine if I had to convince every person to use firefox before I could send them a url, or if they needed hotmail and…
What's wrong with cash?
Re: Libra is targeted at developing countries
#33Earlier quoted context omitted.
If this product brings us from a world of venmo, paypal, facebook payments, wechat etc to one where I can use any of their clients to send money to any of the other clients, I consider it a huge win. It's so silly that my friends and I have to agree on the same money app to send money to each other. Imagine if I had to convince every person to use firefox before I could send them a url, or if they needed hotmail and…
It takes 5 minutes per life to sign up for a zelle /venmo/WeChat account , plus one minute per device.
If you actually read the terms of service, it takes an hour. Plus, you'll have to agree to them.
Re: Libra is targeted at developing countries
#34Earlier quoted context omitted.
If this product brings us from a world of venmo, paypal, facebook payments, wechat etc to one where I can use any of their clients to send money to any of the other clients, I consider it a huge win. It's so silly that my friends and I have to agree on the same money app to send money to each other. Imagine if I had to convince every person to use firefox before I could send them a url, or if they needed hotmail and…
What's wrong with cash?
Nothing, besides the fact that you have to physically carry it around to transfer it.
Re: Libra is targeted at developing countries
#35Earlier quoted context omitted.
Anybody who uses VISA or PayPal but then wouldn't use Libra because of "privacy concerns" probably doesn't realize how invasive these other companies are. Libra will not require a Facebook account and will supposedly not be tied to a Facebook account, so the danger should be about the same.
Frankly, I find the entire fintech/payment processor/credit environment to be at times little more than a parasite that I'd like to see go away. That won't happen though. Capital needs to flow as freely as possible; and the current players at least make that work. Libra, however, has no substantive purpose in the long run other than to finally tap into the rent-seeking upper layers of the financial system. It seems t…
I fail to see how any of this isn't already happening or how Libra is making any of it worse.
Re: Libra is targeted at developing countries
#36Unified 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 - Nationa…
Is it "free" from a customers's perspective, or from a merchant's perspective? From a customer's perspective, credit cards are also "free". However, from a merchant's perspective, the cost is 2-3% plus a constant hassle with prospective fraud.
It's free from both perspectives. No additional overhead charges are levied.
Re: Libra is targeted at developing countries
#37Most people are missing the fact that the population of the developing countries will be more interested in the convertability of the Libra coin and its potential stability than the day to day transactions.
Most people in developing countries don’t have access to USD, online transactions or crypto (because of the knowledge barrier).
Re: Libra is targeted at developing countries
#38Earlier quoted context omitted.
If this product brings us from a world of venmo, paypal, facebook payments, wechat etc to one where I can use any of their clients to send money to any of the other clients, I consider it a huge win. It's so silly that my friends and I have to agree on the same money app to send money to each other. Imagine if I had to convince every person to use firefox before I could send them a url, or if they needed hotmail and…
What's wrong with cash?
lack of a transaction record. "i paid you this then"
plus, facebook payments are already so fast, i can take the money out from an atm one minute after the transfer is initiated.
Re: Libra is targeted at developing countries
#39Unified 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 - Nationa…
I would like to send my friend in India $1 USD. Does Unified Payment Interface make this possible?
Traditional wire transfer certainly cannot, since the fees alone are many times larger than $1 USD.
Re: Libra is targeted at developing countries
#40Unified 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 - Nationa…
I would like to send my friend in India $1 USD. Does Unified Payment Interface make this possible? Traditional wire transfer certainly cannot, since the fees alone are many times larger than $1 USD.
My point is Libra isn't needed for person-to-person or person-to-merchant transfers within India.
The international small amount transfer use-case is extremely rare and unlikely to take-off because of Libra.
In any case, you seem to be assuming Libra won't charge forex fees for converting between Libra and fiat currency. They have not said so. It is very likely they will charge.
I don't see any reason why the banks involved in exchanging Libra with fiat currency to behave any differently than they do today. They will play with the buy/sell rates to make money on both sides of the trade.