YouSaid · the spoken record

Pierpaolo Barbieri

lines on the record: 60
first: 2021-05-19
most recent: 2021-05-19
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Very quickly. The problem is that there are certain regions in the world, and that's what I do, what I do, that where 50% of adults have been completely left outside of the system and they don't have a way to transact because the banking system gave accounts to the people they wanted to give accounts to and they left everyone out, which is why those banking systems are so damn profitable. You know, the Mexican banking system, which serves only 30% of the population, is amazingly profitable. It has much better margins than a European banking system or an American banking system because they just said, well, you know, I'm going to serve this strata of society and leave everyone out.”
2021-05-19 · Conversations with Tyler · Pierpaolo Barbieri on Latin American FinTech · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. And I think the dollar is very particular because a lot of emerging markets people want to save in US dollars. As you mentioned earlier, I grew up in Argentina. Argentines hold an amazing amount of physical dollars because they don't trust their banking system after the implosion of 2001. And so I think that it'll remain a constitutional right to hold cash if you want. Cash is anonymous in a way that a lot of people value. But I think that there are societies in which you basically don't need a card. When I'm in New York, I don't remember the last time I used cash in New York City. And so I think a cashless society is driven by the fact that the regulators want to see a lot of transactions, as in China, but it's also could be driven by the fact that from a convenience perspective, you can create a better credit history without having to deal with the difficulties inherent in cash, which is dirty, expensive for the state, hard to manage, easy to steal, hard to save on. And so I think that in places like Sweden or Denmark, cash is going away.”
2021-05-19 · Conversations with Tyler · Pierpaolo Barbieri on Latin American FinTech · IDENTIFIED FROM THE TRANSCRIPT · source
“Because before when you transacted only in cash, there was no way to know if you're going to pay your bill. But suddenly if I know where you pay your bills and how you pay your gas and your water and how much you spend on Netflix and how much you get every month from your friend across the border in the United States, then I can finally create a credit history in a way that is more transparent and frankly easier than what existed before, where 70% of the country was outside of the system completely.”
2021-05-19 · Conversations with Tyler · Pierpaolo Barbieri on Latin American FinTech · IDENTIFIED FROM THE TRANSCRIPT · source
“You a 2% fee, and then they charge Amazon too. We do away with that. And so we say there is no digitization tax. And so if you have 100 pesos, you'll see 100 pesos reflected on your wallet card. And suddenly all these people that are now over 100,000 in Mexico say, wait, wait a second, you just made digital money as cheap as real money. So why would I use money in the physical sense? I use digital money because with this, I don't have to worry about my cash being stolen. I can use different services. I can pay my bills without having to pay an extra to the guy there. Eventually, I can receive a remittance without having to pay an egregious fee. I can top up money. I can retop my cell phone, which also other people charge for. And we don't. And in the meantime, we're building that person's credit history. So that like we're doing it in Argentina, but we're not yet doing in Mexico. I can then lend you against that credit history that is now digital.”
2021-05-19 · Conversations with Tyler · Pierpaolo Barbieri on Latin American FinTech · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, first of all, we're a debit card. In Mexico, we're fully regulated as a debit card. And so what we give them is the ability to build an ecosystem from the card. A prepaid card usually is issued in emerging markets by a company to spend only on that company. So it's an Amazon prepaid card and a Netflix prepaid card. So they go with cash and they literally exchange that cash for a card that can only be used on Amazon. The beautiful thing about a wall account is that the account can be used for anything. And the card can be used for anything. It sounds revolutionary. It sounds like nothing new for a developed market, but it is revolutionary for an emerging market. Why? Because what you're giving them is the ability to transact in anything. And so you're doing away with one of the biggest costs that they have. And the reason they use prepaids in the first place, which is that whenever they take cash, they charge you a fee for turning that cash into an Amazon prepaid card. The little spot in Mexico, the little bodega.”
2021-05-19 · Conversations with Tyler · Pierpaolo Barbieri on Latin American FinTech · IDENTIFIED FROM THE TRANSCRIPT · source
“If you had a car. You don't have to do the financial engineering at the person level. You do it at the company level, but the person sees radically lower transaction fees.”
2021-05-19 · Conversations with Tyler · Pierpaolo Barbieri on Latin American FinTech · IDENTIFIED FROM THE TRANSCRIPT · source
“Take place in cash. And so the first thing that you have to do Is introduce these people Allows you That isn't within. Immediate eight ball. When you have a car Then”
2021-05-19 · Conversations with Tyler · Pierpaolo Barbieri on Latin American FinTech · IDENTIFIED FROM THE TRANSCRIPT · source
“The novelty, but rather the Planting a system. And so it doesn't start. By just replacing the system. But it Into the And so, if Transaction on Swift that costs you”
2021-05-19 · Conversations with Tyler · Pierpaolo Barbieri on Latin American FinTech · IDENTIFIED FROM THE TRANSCRIPT · source
“Necessarily, but it does have a protocol Transfer that is digital that allows you to Trans Entities and then bilateral trade between two central banks Premiering with Thailand and with Malaysia is very interesting. Suggests a possible future The digital The On a selective basis That they can”
2021-05-19 · Conversations with Tyler · Pierpaolo Barbieri on Latin American FinTech · IDENTIFIED FROM THE TRANSCRIPT · source
“The ability of the United States to Neutrality of the Architecture is threatened. The fact that Countries New digital currencies”
2021-05-19 · Conversations with Tyler · Pierpaolo Barbieri on Latin American FinTech · IDENTIFIED FROM THE TRANSCRIPT · source