Once the money is gone, it is gone; there is no recourse. The simple way people can test this is to send a small sum of money to a friend and then ask via SMS if they got it. Reality check — Sendwave is currently only working in one Remittance corridor — America to Kenya. For Remittances you need both the on ramp and off ramp. You need to be licensed in the on ramp country to send money. So Sendwave chose America first — it is a big market. They can easily expand to other countries where M-Pesa is working currently 13 countries.
The big question is what will happen in countries where Vodafone does not dominate. Will it be some new model such as the Business Correspondents in India? Or some open variant of M-Pesa? Or Bitcoin? Or something yet to be invented? Sendwave is an example. This site uses Akismet to reduce spam. Learn how your comment data is processed. The story really is how fast change happens when network effects kick in and network effects are working big time for M-Pesa.
Like this: Like Loading Leave a Reply Cancel reply. Sorry, your blog cannot share posts by email. But there are billions of other potential use. There are, for example, people who face significant obstacles in operating within the formal banking system—and these folks look very different from the shadowy hackers that tend to be seen as the prototypical Bitcoin user.
They could be low-wage migrant workers sending money back home to their families, for example, or activists receiving money from abroad during tumultuous times. Bitcoin do-gooders also propose the idea of using a blockchain to register and record property titles in countries with tenuous land-rights protections. Instead of using paper-based processes, the blockchain would enable the government to register digital titles that cannot be duplicated or easily changed.
Which would mean greater accountability for official records. In other words, even if someone owns property, that person may not be able to prove ownership sufficiently enough to gain access to money for future long-term investments. By being entered into the blockchain, there would be an immutable record of title that could not be easily tampered with or destroyed.
At first glance, this seems like a great idea. The complexities of how land titles are managed in developing countries is the result of long-standing conflicts between grassroots communities, their governments, and large multinational corporations.
By assuming the problem is mainly about bureaucratic inefficiencies and paper-based processes, Bitcoin enthusiasts ignore the hardest part of the situation: long-standing conflicts over rights and power.
Yet the allure of blockchain as silver bullet is powerful. Blockchain enthusiasts like to give the example of a poor farmer or a low-wage migrant worker receiving a low-cost money transfer from a loved one far away. And the cost of money transfer is a real issue. Sub-Saharan Africa remains the most expensive region in the world to send money to, with average fees in the range of 9 percent to 10 percent, according to the World Bank.
The price of transacting over Bitcoin depends on how much demand there is to use the network at a given time. While the number of transactions over Bitcoin has been steadily rising over the last few years, the processing capacity of the network that is, the volume of transactions that can be processed per second has remained static. What that means: If transaction volumes continue to grow without a commensurate increase in processing capacity, then transaction fees are likely to climb well above the cost of credit cards or bank transfers.
On top of that, wait times for those transactions to be fully processed have become increasingly erratic, causing a record number of complaints from customers trying to pay with Bitcoin. Part of this bottleneck comes from built-in limits on the number of transactions that can be processed at a given time. The issue of how to increase the processing capacity of the network, while also maintaining critical aspects of its decentralized character, has been a heated topic of debate for well over a year now.
And, so far, there hasn't been a clear way forward. At the same time, companies like Sendwave are also competing with Bitcoin by significantly lowering the price of international money transfers. Rather than migrant workers sending money back home, for example, people often send money to themselves.
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