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ted (not lasso)
@ted
in mexico city for a friendmergency and it’s crazy to me how the street vendors only accept cash anybody know why? in venice beach + the US, they accept venmo or cashapp in rio + são paolo, EVERYBODY uses Pix — from street vendors to big brands big opp for blockchain-based P2P payments bc no web2 competition
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proxy
@proxystudio.eth
In india people used phonepe @cooperray @poliberber.eth any insight into why this isn't more widespread in MCX?
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⚪️ cooper 🎩 ↑
@cooperray
some perspective on Mexico: its a CASH economy the average daily wage is ~200mxn or ~$11.96 USD for 8hrs of work a large portion of people dont have bank accounts (how to accept a digital payment without this?) Additionally, many less privileged families might share 1 cell phone per household.
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⚪️ cooper 🎩 ↑
@cooperray
If a vendor does have a bank account, they might often accept "un transferencia" - "SPEI" bank transfer. Functional. Ancient. WiFi enabled MercadoPago terminals are becoming more widespread, you can use a CC, etc. Generally speaking, FinTech is slowly evolving, but a hard sell to someone that barely makes ends meet.
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⚪️ cooper 🎩 ↑
@cooperray
CDMX in 'the bubble' might appear to be slick and modern.. however, this is built for, and reserved for: 1) tourism in USD or 2) a wealthier, whiter socioeconomic class which is quite segregated from or ignorant to the realities of daily life. There is staggering economic juxtaposition and inequality in Mexico.
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⚪️ cooper 🎩 ↑
@cooperray
Technology is many years behind because there isn't a wealthy cohort to utilize or consume what would be built, nor investment to do so. Larger, more important issues take hold, and still cannot be solved. For example, how CDMX was(still is?) going to *completely* run out of potable water in less than 30 days...
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⚪️ cooper 🎩 ↑
@cooperray
Things here are quite traditional and many come from a Pueblo way of life. Understanding this context helps put things in perspective. I have the extreme privilege of traveling through these incredible places on my bike and am constantly in awe at how resistant to modern changes many remote places are. Stuck in time.
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