ted (not lasso) on Warpcast

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ted (not lasso)

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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ted (not lasso) pfp

ted (not lasso)

cc @base @coinbase @coinbasewallet when CDMX campaign?

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@meganmichelle.eth

Mexico is definitely all about the peso! I don’t think that will change any time soon as it’s gotta come from within.

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EulerLagrange.eth

@eulerlagrange.eth

Hope all is well

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Fran d’Amore pfp

you live in a bubble. thats still a good chunk of the world.

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Kaloh pfp

Most street vendors in Mexico don’t have a bank account Also, for those that have, the payment gateways take a minimum fee that makes their business non sustainable when selling cheap items e.g. fixed commission instead of %

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I believe there is a local cash app/venmo equivalent called mercado, but to use it you need to have a bank account and pay taxes to the govt, which is out of reach for a lot of people. If you think about it, it’s actually stranger to have an intermediary btw you and your customer than using cash (p2p).

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agusti 🐘 pfp

welcome to the underbanked. id rather see them adopt crypto than banks (banks wont serve a street business etc) lot of unofficial economy

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Chris Carella pfp

In Honduras it's all cash and partially because people are unbanked and partially because the banking system here is very closed and does not play with third party systems.

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@poliberber.eth

Hi! I’m born and raised in Mexico city and my dad was a street vendor for a while. Basically it is strategy for not paying taxes, the federal government agency checks all your accounts in order to make you pay a lot of taxes and many people rather just use cash for not to have registrer.

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⚪️ cooper 🎩 ↑

i really went in on a reply to this, hope you don't mind. i've learned a lot being a "chilango temporal". I've also realized the extent of my privilege from living here full-time and leaving my life and comforts of being a New Yorker behind. Humbling to say the least https://warpcast.com/cooperray/0xf3f40424 🧵

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Mexican banks are untrustworthy for most locals. Opaque fees, misleading services, and few locations with insane queue times. From a P2P perspective a lot of it has to do with the fiat banking rails and what jurisdictions/services their customers are allowed to engage with counterparties from.

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Smartphones are expensive

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carlos pfp

2 reasons for that. - taxes - fees payed to payment processors are very expensive for small/local merchants. now try to explain the seedphrase thing to someone who lives on the day and who might not even know how to read or write...

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@roysandoval.eth

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Giuliano Giacaglia

I’ve talked to the top fintech entrepreneurs from Mexico when I was presenting about AI. Mexico tried their own version of PIX but it was extremely poorly implemented and it didn’t work. Seems like they were going to try again soon

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@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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Aaina pfp

infra reasons of being unbanked corruption compounding fear of seizure cash is the highest form of privacy in money so it is also lifeline in a corrupt society. in places where police are bought and political crimes committed with impunity, implications of financial surveillance are easily life of death.

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Locha ⚡️ pfp

generally vendors prefer cash because they don't pay taxes/cc fees! in Argentina, even at upscale restaurantes they'll give you a 10% off for paying cash

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cus it's hard in mexico economic system to have a bank account. i think it's quite low the % of population with a bank account, and those things reflect in the market, the street vendor is almost quite out of government taxes, they have other taxes like street tax to the organization of streetvendor or like that

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