How Will The Unbanked Actually Buy ETN?


#1

@ETNCEO @chris.gorman Richard and crew have mapped out an incredible ecosystem for ETN that will keep it circulating. But one question remains. Other than airdrops of ETN by mobile operators and the gig economy (which will be used by some fraction of users) how will the unbanked buy ETN if they want more? If we really want the unbanked to use ETN for remittance and for general purchasing, they will need to have a mechanism to “top off” their ETN accounts.

Someone on the boards suggested that ETN have prepaid cards that people can buy with their local currency, each with a QR code, to add to their ETN wallets. That seems like an awesome idea. Any other thoughts?


#2

I believe that businessmen and entrepreneurs with bank accounts will buy and a peer to peer community trickle down will happen. I believe this is what he means by having the whole ecosystem because every part is needed. If your boss bought electroneum and you could get paid by him in electroneum than you could top up and or spend as a local currency. Or if you do gigs in the gig economy and spend them locally for goods or services this will increase the flow of electroneum in that area. Remember the barter system is still a huge way of life. @Squidward_Nakamoto


#3

This is a very nice question, squid. Probably is the first step to think about for a real mass adoption of ETN.


#4

It could be that the people that sell airtime to day, sell ETN for fiat tomorrow, and they buy at an exchange


#5

Well my thinking is that a remittance partner should have the ability to payout in local fiat if that is what the recipient of the transfer prefers to be paid in. There is no point in getting into the remittance business if you are going to force one form of payout on the senders and receivers.

They of course also need to be able to accept local fiat to send ETN.

So that’s why you use the already in place network or payout centers around the globe for traditional money transfers.

That’s why remittance businesses have been contacting ETN, they already have the network in place for picking up payouts. Just because ETN is used to send the transfer doesn’t mean it has to be kept in ETN. They already take various payment methods inside retail locations and payout locations or on the online sites to send the remittance. Adding ETN into their systems shouldn’t be that difficult.

But now you also have the potential to tap directly into those agent vendors who sell phone top ups, prepaid plans and cell phones, pawn shops, too…like Xius’ 1.2 million agent vendors. Who I bet many already handle remittance payouts and sending too.

You can have a situation where some people are sending ETN directly to another ETN wallet holder, then that person cashing out their ETN into fiat at a payout center or local exchanger.

Or someone who doesn’t have the required amount of ETN walks into the remittance shop, or agent vendor and wants to send ETN to someone in another country, then pays for the transfer with fiat. That same place can probably sell them ETN if they want ETN for other purposes.

Here’s an example of a network of remittance payout centers I’m talking about located in the Philippines.

They do lots more than just payout remittance transfers if you look at products and services section. you can also initiate a transfer too.

And that is just one example of a remittance payout center in the Philippines that the receiver can pickup the transfer in local fiat…or send a transfer from.

There are other businesses that the transfer can be picked up throughout the country.

That’s just one country with thousands of already existing retail establishments you can pickup a money transfer or do other business at, like cell phones, bill pay or send a transfer from blah blah.

They have bitcoin ATM networks there, coins.ph and plenty of smart savvy entrepreneurs who will figure out how to integrate ETN into their community while making some profits doing so.

There won’t be one way of getting ETN for a local, there will be many options as we grow.

Well, that’s my opinion on the matter anyways.

And I could see some sort of prepaid ETN card coming out too.


#6

Heh…now I’m not saying that ETN is partnering with MLhullier, just using them as an example of what is out there in the remittance world that has the potential to be tapped into.

I mean, heck the network already exists. And integrating ETN into existing systems wouldn’t be too technicaly difficult with the IPS API and such.

Add in mobile partners and ETN to the existing remittance model and the remittance world just got bigger IMO, a whole lot bigger.

Because now you can get money tranfers into hands that it was way more difficult before ETN came along.

As big and vast as the existing global remittance payout/send network is already, it just got bigger, faster, stronger with ETN on scene.

It’s not if…it’s when.


#7

That’s interesting. So you are saying that some vendors will have a stash of ETN to sell to customers, or transfer on their behalf to others, in exchange for fiat? Wouldn’t the vendors then carry the risk of fluctuation in price? Or would the vendors have to purchase ETN from an exchange at the moment a customer requests a transaction? That seems cumbersome.


#8

I’m saying ETN is is building a remittance partner model, so it’s not a huge stretch to imagine that they will be able to payout remittance payments in local fiat and also accept fiat for remittance sends.

In order to do so they would have to have access to an ETN account or an exchange such as Liquid possibly. How could a remittance business send remittances in ETN if they had no ETN to send or had no access to aquire ETN?

If the person already had ETN then why would they need the the services of the remittance store to send ETN to someone? Therefore if the business did offer ETN remittance transfers they would obviously accept fiat payments for sending ETN.

Exchanges like Liquid have API’s that the vendor can use to convert ETN to fiat easily without too much hassle, that’s why it’s good for vendors, merchants that fiat pairs are coming online.

How do you imagine the remittance business works currently? If I send money to someone in another part of the world, is it not a hassle for them to convert one currency to another? Converting currencies is new to them?

It’s free for the remittance company to accept US dollars in cash, credit card or bank debit card or ACH, then payout in a local fiat currency? Then the remittance agent waits for my bank or credit card company to transfer the money to their bank blah blah blah. That’s not cumbersome?

Where with ETN it’s as simple as let an API plugin convert ETN to fiat in their Vendor exchange account or hold a portion for remittance redistribution ect ect.

I’d think it would help cut costs and expenses while also having a faster turnaround and access to their profits.

I also do not see why the same remittance agents would not be able to just outright sell ETN or exchange to fiat even if it wasn’t for remittance purposes…unless local regulations didn’t allow it, and it required special licensing.

At the very least they could possibly act as remote agents for an exchange partner and facilitate ETN purchases or fiat cashouts.

I don’t know exactly how it will work, I just believe that price fluctuations isn’t going to prevent it from becoming successful.

You are aware fiat currencies fluctuate daily in value versus other currencies, by the minute actually. That doesn’t stop anyone from doing business with another business in another country. And it doesn’t stop global remittances from happening.

If the remittance businesses are contacting ETN, then I guess they must think it’s doable.

We’ll just have to see how it plays out. I my mind it gives them a little more control over the whole process.

Why would they let ETN and it’s fluctution in value prevent them from using it?


#9

Agreed it will blow the top open in that category of remittance and ETN investors will profit as at the end of the day it’s a numbers game. The more using ETN daily for everyday things including transfers we all WIN!!! Open the gates let the party start!!!


#10

I’d argue that if the remittance buisness had an account with an exchange and could convert it with a click of the button or via an API that did it automatically that they would actually prefer transacting in ETN versus their current methods.

For lots of reasons i won’t even get into, because it’s late and I’m tired heh…plus just too mny variables to account for.

If I remember correctly Liquid is combining forex with alts and lending and all sorts of things in one platform.

The possibilities that opens up for a vendor or remittnce business versus dealing only with their traditional banks is endless and too vast to cover in a short response.