Learning about local currency (3)

In the last post, I mentioned about some problems of local currencies.

Today, I'm going to talk about local currencies and digital wallet together.

Digital Wallet

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Modern men’s belongings are getting lighter and simpler.

Back then people needed wallet filled with cash, credit card, ID, cellphone and watch on the wrist in order to go outside.

WeChatPay, Chinese mobile payment system reached a billion users last March.

Unlike Korean market, users can use WeChat Pay even in street market and stall leads to superfluous wallets and credit cards.

These mobile system and LETS movement were combined in Israel company, COLU is trying to reach different goals from other existing LETS.

COLU is generally used in 4 cities in Israel and Britain.

The purpose of ordinary local currencies is resilience of a certain region economy that they seek non profit movement or all the profit goes to their residents. What makes the difference is the revenue. COLO collects 1.5% charge when the users want to exchange local currency into the general currency.

Generally people tend to not recognizing how much money they spend on banks to just own their accounts.

The value that COLU with a hundred thousand users has may become a threat toward existing banks or a beginning of new potential bank.

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In the following post I'm going to talk about local currency in Kenya.
Thank you.