Lottery, but at a larger, larger scale. In SE Eastern countries and India, there's something better than this bullshit and they're unified QR payment systems, central bank's interbank transfer system, and virtual accounts. This investment is more a lottery than a real investment
Probably born because of complex electronic payment rules in the West + probably greed. In Indonesia, you can transfer your money easily without private companies as middlemen like Paypal and the central bank acts as the middleman and it's cheap (only about $0,16 for small to moderate transactions and about $0,43 for RTGS / larger transactions). A Canadian Youtuber who makes Indonesian content, Sacha Stevenson, said that in Canada, you need to make an appointment, which is time-consuming, to transfer money to your family otherwise it's considered a suspicious transaction, while in Indonesia you don't
In the West, electronic payment methods are proprietary and there's no unified payment system (not referring to Indian's UPI, but in general)
Probably born because of complex electronic payment rules in the West + probably greed. In Indonesia, you can transfer your money easily without private companies as middlemen like Paypal and the central bank acts as the middleman and it's cheap (only about $0,16 for small to moderate transactions and about $0,43 for RTGS / larger transactions). A Canadian Youtuber who makes Indonesian content, Sacha Stevenson, said that in Canada, you need to make an appointment, which is time-consuming, to transfer money to your family otherwise it's considered a suspicious transaction, while in Indonesia you don't
In the West, electronic payment methods are proprietary and there's no unified payment system (not referring to Indian's UPI, but in general)
The payment QR code: BCA (An Indonesian Bank)
Me: *Opens Gojek and pay with this app cos QRIS is unified* (QRIS, pronounced Kris or colloquially Kyu-ris, is the name for Indonesian's unified payment QR standard)
The app: *proceed to payment screen and pay*
Me: "See, Indonesia and SE Asian countries have something better than cryptocurrency"
------
Me: *transfers money to my other account in another bank*
The banking app: *Choose BI-FAST (2.5K IDR) or BI-RTGS (6.5 K IDR)*
Me: "No need a private company middleman! Things like Paypal and Skrill are no use in Indonesia unless for overseas transactions"
Each payment method has different use cases and suits for different types of transactions. Non-bank payment methods (can be filled/topped-up with bank, ride-hailing apps drivers, and convenience store chains) and QR codes are suitable for daily transactions like buying snacks and groceries; bank transfers are for family, company, and individual people money transfers; virtual account is suitable for buying something priced higher than 10,000K IDR, must be on the same bank and it's automated. Both banks and non-banks are usually have the unified QR code payment method, and for Bank Jago, the QR payment is tied to GoPay (Gojek)
Me: *Opens Gojek and pay with this app cos QRIS is unified* (QRIS, pronounced Kris or colloquially Kyu-ris, is the name for Indonesian's unified payment QR standard)
The app: *proceed to payment screen and pay*
Me: "See, Indonesia and SE Asian countries have something better than cryptocurrency"
------
Me: *transfers money to my other account in another bank*
The banking app: *Choose BI-FAST (2.5K IDR) or BI-RTGS (6.5 K IDR)*
Me: "No need a private company middleman! Things like Paypal and Skrill are no use in Indonesia unless for overseas transactions"
Each payment method has different use cases and suits for different types of transactions. Non-bank payment methods (can be filled/topped-up with bank, ride-hailing apps drivers, and convenience store chains) and QR codes are suitable for daily transactions like buying snacks and groceries; bank transfers are for family, company, and individual people money transfers; virtual account is suitable for buying something priced higher than 10,000K IDR, must be on the same bank and it's automated. Both banks and non-banks are usually have the unified QR code payment method, and for Bank Jago, the QR payment is tied to GoPay (Gojek)
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