Online banking = overdue leapfrogging technology

May 13, 2007

Seems like Paypal is one of those "leapfrogging" technologies that could help entire regions skip the process of developing a banking infrastructure, which apparently takes about 200 years of war (judging from how the West has done it).

Good as it sounds, it is important to note that users in all the African countries covered by Paypal, can only send, but cannot receive money. They cannot receive payments online even if they are online merchants. -Oluniyi David Ajao

So news about Paypal's international expansion is a great development.

but ...

Out but not in?! How horribly ironic ...

I am sure that there are major obstacles to the inexpensive, reliable, worldwide transaction of money, but it seems like exactly the kind of thing that a web-based market should be able to work around. I guess that there aren't too many open source geeks that are into high finance.