I haven't spent time in Europe recently. But digital wallets and cell phone payment methods are common in Latin America and Asia.Falco Underhill wrote: ↑Sat Jan 01, 2022 5:39 pmTo what extent "the rest of the modern world" was already using digital wallets I'm unsure. Vox mentions Kenya, China, and Bangladesh. Why it wasn't just taking off in other countries (like the US) seems to be a mystery to Vox, but it wasn't. Vox does give some reasons why "it's not that simple" and why the rest of the world was not quite "catching up" in another article.Ken wrote: ↑Sat Jan 01, 2022 5:23 pmProbably. The US was also behind the rest of the modern world when it came to this sort of thing pre-pandemic. So maybe we are also just catching up. Kenyans, for example, have been using electronic cell phone payments to conduct business for years. https://www.vox.com/future-perfect/2142 ... hone-money
https://www.vox.com/future-perfect/2142 ... hone-moneyM-Pesa was exactly what Kenya needed, and it took off there. But no two countries are the same, and convincing an entire society to adopt a new way of doing financial transactions isn’t an easy thing.
In some countries, mobile money has failed to take off, maybe because of a chicken-and-egg problem: Agents need to be widespread for the service to be useful, but putting agents everywhere isn’t viable until the service is widespread. That’s the reason mobile money didn’t take off in Niger, according to a 2020 paper. Despite the country having lots of unbanked people and lots of interest in a better money transfer system, M-Pesa and competitors have failed to get a foothold. In other countries, mobile money systems have been shut down by the government at the behest of central banks or competitors.
Other reasons were government regulations and taxes making using digital wallets expensive.
Part of the reason is that in many countries, personal computers are less common and people do more business and stuff directly on their cell phones. So the economies are more accommodating to that.

