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Well, I for one can't see any issues with an entire country of poorly educated people being given a card that with a flip of a switch, introduce them to the crippling force of 25.5% compound interest.

I wish I had no morals, making money would be so easy.

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It's not a credit card.

It will function as a debit card.

For now.

until some point at which the auto-enrollment and e-ads with "Enroll Now" and "Ask Me Later" buttons only begin rolling out, like most credit institutions tend to do.

Hence the flip of the switch.

"He said the broader economic impact of the card will be felt as the previously unbanked and under-banked are able to gain access to the mainstream economy, and the visibility of their assets allows them to build a financial history and establish credit-worthiness with financial institutions."

Not sure how one builds credit worthiness without credit being granted.

One builds credit worthiness by establishing a history of deposits and pattern of payments that seems "normal".

I only skimmed the article, but it looks like it is just prepaid and not credit.

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