693

“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

Well that sounds terrifying!

you are viewing a single comment's thread
view the rest of the comments
[-] Humanius@lemmy.world 423 points 2 years ago* (last edited 2 years ago)

Just wait till Musk learns about banking regulations.
He's already complaining about the EU regulations on social media, but they nothing compared to what banks have to deal with.

[-] jollyrogue@lemmy.ml 134 points 2 years ago

He’s recreating Venmo. 😂

[-] Coasting0942@reddthat.com 3 points 2 years ago
[-] remotelove@lemmy.ca 9 points 2 years ago* (last edited 2 years ago)

That is too simplistic of a name and un-original.

If this product moves forward, it's likely to be on a small scale. For example, like when a person needs to send a friend reimbursement for a coffee. So, initially, if it needs a simple name for paying back friends, or other pals, why not just call it Pay-A-Pal, or PayPal for short.

No bank account, no actual cash and everything happens in the system. It's revolutionary! It's like digital transactions that happen through pure accounting for a small fee. Like credit cards, but those are old.

[-] PumpkinEscobar@lemmy.world 2 points 2 years ago

FWIW his white whale or inspiration is more like the Chinese “we do everything” apps / platforms https://wise.com/us/blog/chinese-payment-app

[-] otter@lemmy.ca 1 points 2 years ago

Without getting official government institutions on board or making the app mandatory in some way, I don't see how this would work outside of authoritarian countries

They're bleeding users and advertisers as it is

load more comments (35 replies)
this post was submitted on 27 Oct 2023
693 points (86.2% liked)

Technology

72652 readers
839 users here now

This is a most excellent place for technology news and articles.


Our Rules


  1. Follow the lemmy.world rules.
  2. Only tech related news or articles.
  3. Be excellent to each other!
  4. Mod approved content bots can post up to 10 articles per day.
  5. Threads asking for personal tech support may be deleted.
  6. Politics threads may be removed.
  7. No memes allowed as posts, OK to post as comments.
  8. Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
  9. Check for duplicates before posting, duplicates may be removed
  10. Accounts 7 days and younger will have their posts automatically removed.

Approved Bots


founded 2 years ago
MODERATORS