this post was submitted on 27 Oct 2023
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692
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 10 months ago by [email protected] to c/[email protected]
333 comments fedilink hide all child comments
 

“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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[–] [email protected] 20 points 10 months ago* (last edited 10 months ago) (1 children)

Even if he complies to all the regs. There is no way people in the west will switch to his app. The reason why those all-in-one apps took off in China and Southeast Asia is because banking infrastructure sucked hard before. You could only pay cash in most places unless you went to more upscale stores. Because those payment terminals are just too expensive for many small time businesses. With the arrival of those apps even a street vendor could afford to accept digital payments. Thus lots of people started using those apps to pay. The western countries already have good banking infrastructure and people are very hesitant to switch banks.

[–] [email protected] 12 points 10 months ago

people are very hesitant to switch banks.

Wells Fargo still existing is pretty good evidence