Source: WIRED
When traditional financial infrastructure collapses under pressure—whether from conflict, currency crisis, or institutional failure—digital wallets become the only viable payment rails. Lebanon's case shows how diaspora networks and NGOs are using platforms like WhatsApp Pay and Wise to route aid around a broken banking system, effectively privatizing what governments can't deliver. Wherever state capacity erodes faster than digital adoption, parallel financial systems emerge that undermine both incumbent banks and government revenue collection.