this post was submitted on 27 Oct 2023
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Elon Musk gives X employees one year to replace your bank - ‘You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year.’ (www.theverge.com)
submitted 1 year ago by AnActOfCreation@programming.dev to c/technology@lemmy.world
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“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!

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[–] someguy3@lemmy.ca 12 points 1 year ago (2 children)

I think because they're a payment processor. Banks store large amounts of money, make loans, etc.

[–] givesomefucks@lemmy.world 18 points 1 year ago

It's going to be like a crypto or PayPal wallet where you can store a balance, it's just not insured or regulated like a bank.

I saw an article a while ago where a concerning amount of people were doing that instead of a bank account.

[–] grabyourmotherskeys@lemmy.world 3 points 1 year ago

They issue credit and lenders finance this. There's always a bank.