Its high time that the world needs some good PayPal alternatives

A couple of days ago, PayPal pulled out of Pornhub, thus hurting the income of several of their performers. Now, one may argue the ethics of watching porn at a workplace or even watching it at all but there is no doubt that handing such a monopolistic power over international remittance to one entity called PayPal isn't a desirable thing.

And besides, there is also the question of accountability. Today, it was Pornhub but tomorrow it could be someone else, no single entity should be able to wield such enormous power in the payment remittance industry in today's day and age.

One wonders that how come this one entity, PayPal has such an enormous monopoly in remittance of international payments since decades despite the fact that it sucks so much at it. There is no doubt that the world needs another alternative to this.

All commercial banks of the world follow established internet banking standards which may pertain to their own country (such as NEFT/UPI in India or the ACH in America) or even internationally (such as wire transfers). These banks need to sit together and agree on open standards for making international payments easier, so that the world can get rid from the clutches of monopolies like PayPal.

Ideally, this is the responsibility of international organizations like IMF (International Monetary Fund) and the World Bank since they are the ones who liaison with the central and commercial banks of all countries. Let's hope something along that line happens and PayPal is shown its rightful place in the world.

I really hope the international banking and financial system does something about this soon because if it doesn't, then it'll give rise to crypto-currencies (which are already gaining a lot of popularity) and that will open its own pandora's box which may be good or bad!

Do comment and let me know what are your thoughts in this regard.