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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[–] MargotRobbie@lemm.ee 23 points 1 year ago

It's a pretty bad idea to fire the majority of your employees if you want them to basically recreate Stripe (not just PayPal/Venmo) and somehow mush it into Twitter.

Also, that market is saturated, most banks and credit unions in the US already supports Zelle, and Venmo, CashApp, and PayPal are very estabished tech financial players in this space.

Again, if there ever was a possibility of an American WeChat equivalent to be built, the only one who ever had a chance to build it was Zuckerberg more than a decade ago, during the very short time period when the general population was adopting Facebook, but the old Facebook users have not started migrating off it. Trying to build WeChat in the US in 2023 is foolish at best.