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 [email protected] to c/technology
328 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] 69 points 1 year ago (3 children)

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

[–] cyd 43 points 1 year ago* (last edited 1 year ago)

The Chinese super apps didn't really have government institutions on board, aside from the chat censorship aspect which was the main thing the government was originally paying attention to. In other aspects, the Chinese government and its regulators didn't initially get involved, and the rapid dominance of Alibaba and Tencent took them by surprise.

The super apps benefitted from a mix of rapid smartphone adoption, first mover advantages, weak consumer protections, and fierce competition with each other. It's probably that combination of circumstances that's hard to replicate, not the authoritarian country bit (there are lots of authoritarian countries that haven't fostered super apps).

The Chinese government was not entirely happy about the result; for example, the dominance of WeChat Pay and AliPay poses a threat to the state-owned banks, which are a major channel of government control over the economy. That is why the Chinese government has spent the last few years cracking down on the super app companies in various ways.

[–] thantik 14 points 1 year ago

I don't see how this would work outside of authoritarian countries

I mean, you saw the people he was meeting up with during world cup and stuff right? I think that's the plan.

[–] ours 7 points 1 year ago

That explains him supporting the alt-right.