Wednesday
August 30
2017

Do Farmers Really Want to be Paid in Mobile Money?

Do farmers really want to be paid in mobile money? To answer this question, I’ll ask you to first entertain a brief thought experiment.

Imagine that your employer told you that next pay period, your company will start paying you in Bitcoin.  How would you react?  Sure you’ve heard about Bitcoin, but you have lots of questions as to what it will mean to receive your salary this way, such as:

  • Am I getting swindled?!
  • Where can I use bitcoin?
  • Can I spend it like dollars, or will I have to convert into dollars first?
  • Where can I convert?
  • How much is the conversion fee?
  • Will I be paid into my same bank account?

Your employer has some responses to your questions:

  • There are only a few places to use Bitcoin in Washington, C.
  • In order to spend your money anywhere else, you’ll have to convert first, and pay a fee to do so.
  • You’ll have to set up a new account, and learn a new app.
  • If you want to help to learn this new system, you can take unpaid leave to sit in a classroom and attend a financial literacy training…

Photo courtesy of pixelfusion3d.

Source: ICTworks (link opens in a new window)

Categories
Agriculture, Technology
Tags
agribusiness, agriculture, fintech, global development, mobile money