6/20
In India:
Banking infrastructure is even more fractured and private businesses really leapfrogged banks.
-Lots of e-Commerce stores accept cash on-delivery.
-Digital wallets like PayTM are common place
-OxiCash and ITZCard leverage mobile preloading payments.
Conversation
7/20
For crypto "Net Banking" is a popular deposit method but carries a hefty ~2% fee.
Instant bank deposits are an option but require tons of paperwork and only work with major banks.
So most people use "UPI" the "Universal Payment Interface"
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8/20
It's an SDK that plugs into apps, Amazon Pay, Paytm, Google Pay, Jio Pay and WhatsApp Pay all support it.
So most funding of Indian deposits come from these apps.
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9/20
But, one interesting thing about the Indian market is OTC.
It's the same in Pakistan, Nigeria and other mobile-first developing nations. People love to shop using WhatsApp.
(That's why store front apps like app.bikayi.com compete with Shopify and Amazon in India)
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10/20
The OTC market in India, that is conducted over chat transfers is huge.
Because that's how people are comfortable shopping.
While I've not seen someone try and aggregate that well in India, buycoins.africa is doing it for Nigeria.
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11/20
In Australia, people commonly use BillPay at their local convenience store or post office (although digital variants are more common now)
In Japan, Conbini payments take place in cash at convenience stores as well
(Both payment types which lower KYC burden)
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12/20
As you go around the world, you realize that people like to make payments and deposits in very different methods.
And it's why we see so many small regional on/offramp crypto exchanges that are extremely popular.
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13/20
Coinbase only supports PayPal withdrawals in Canada, and doesn't allow the selling of crypto, just the buying.
Kraken will not send a USD wire to a Canadian based USD account it must be a CAD account where their slippage is insane.
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We do actually support sending USD SWIFT wires to USD accounts at banks in Canada.
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Apologies Jesse, that must have changed since I last use Kraken (it's been quite a few years)
Still a decent spread and slippage on reasonable volume for CAD pairs - but it is also better than I remember it.
Thanks for pointing that out.
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Replying to
No worries. Improving fiat funding rails has been a major priority for us, for all the reasons you say. In fact, we even went out and started our own bank!
CAD markets are just thin relative to USD markets no matter where you go. Have to compare the spread to the USD FX rate.