Across very cooperative borders in wealthy Europe, sure.
Do you think it's as easy for those in India, China, or Kenya, for instance?
Do you think it's as easy for those in India, China, or Kenya, for instance?
Actually yes. Take a look at xoom.com and it's competitors for example (flat rate money transfers at a fraction of swift fees). Only issue is getting money out of those countries. But that is a political and national issue.
Or for people without a bank account?
> Or for people without a bank account?
I'm having strong doubts that you actually understand how the world banks. There are hundreds of millions of people who don't have bank accounts, and use electronic payments through their cell providers.
Venezuela barely has a functioning electrical grid, so cryptocurrency would not seem to be a foolproof solution there.
It's probably easier to transfer funds via M-Pesa then from a bank account in Delaware to a bank account in Detroit
And, at least in theory, America is a wealthy country without any borders.
I can easily pay a street seller from my US bank account, directly to his/her phone, in seconds.
Pains me to say this because I had this international bank/credit card to M-Pesa transfers idea a decade ago, a professor dissuaded me from pursuing it.
5 years later, a bunch of services launched and many are thriving.
Check out IBM world wire.