this post was submitted on 27 Oct 2023
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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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[–] jollyrogue@lemmy.ml 133 points 2 years ago (3 children)

He’s recreating Venmo. 😂

[–] Coasting0942@reddthat.com 3 points 2 years ago (2 children)
[–] 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 (1 children)

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