Moneygram and Western Union have been 'banking the unbanked' for decades. They actually deliver what crypto promises.
With MG and WU, they are deeply embedded in the countries they operate in; they develop relationships with the banks so customers can get their money without hassle, even if they don't have accounts there. If you send money in Country A, it's available in Country B within 10 minutes, which is approx. the amount of time it would take a human to look up that transaction and verify the customer's ID. Your recipient walks out with cash.
Meanwhile, transferring crypto peer-to-peer isn't even free, and transactions are nowhere near instantaneous. And even if your recipient understands crypto, they still have an extra step of converting these bytes into actual legal tender.
With MG and WU, they are deeply embedded in the countries they operate in; they develop relationships with the banks so customers can get their money without hassle, even if they don't have accounts there. If you send money in Country A, it's available in Country B within 10 minutes, which is approx. the amount of time it would take a human to look up that transaction and verify the customer's ID. Your recipient walks out with cash.
Meanwhile, transferring crypto peer-to-peer isn't even free, and transactions are nowhere near instantaneous. And even if your recipient understands crypto, they still have an extra step of converting these bytes into actual legal tender.