Europeans and Americans have their Visa and Mastercards. For everyone else, here comes ... Libra? Facebook's new Libra digital currency is aimed at a huge potential market for financial services the entire developing world, with billions of people in areas such as India and Sub-Saharan Africa, where financial services are often less sophisticated and many people don't use traditional banking accounts. Whether or not these billions will want to make the switch is anyone's guess. The US, Europe and most developed economies already have large, efficient payment systems. These allow people to buy and sell goods in real time and send money person-to-person through services like Zelle, PayPal and Venmo. That's why the companies that joined Facebook's Libra association, as well as nonprofits involved with similar projects, say Libra's potential lies elsewhere. In developing countries, many tens of millions still live far from a bank or money transfer center, or currently use a currency ...
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Saturday, June 29, 2019
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