A high-yield money market account, as well as debit cards, checks, and loans, is what Musk describes as a "high-yield money market account" on his website. You can read the full transcript of his meeting with staff here.
Musk broached the topic of payments during his introduction, saying that he thinks there is a chance for payments to change the world. We just want to use it as much as possible. The feature, along with video content and compensated content creators, is a high priority.
Don't close your bank account just yet because Musk will do a lot of things.
TaaPS will be a payment service. If every verified user got a balance, they could send money to anywhere in the system. In theory, that could mean tipping other users or paying for paywalled video content, features that have been floated at the company.
According to Musk, a high-yield money market account will be set up by the social media company. Musk says you will have one balance on your account that can simply go positive or negative, instead of the traditional banks system of credit cards, savings and checking accounts, CDs, and the like. He said this will allow for more interest to be paid for positive accounts and less interest for accounts in the red.
You can't be missing key elements if you want to provide a comprehensive service.
If you want them, you will get a card tied to your balance and even traditional checks if you want them. We will be the people's financial institution if you address everything that you want from a finance standpoint. When an employee commented that it sounded like Musk wants to build a bank, the CEO responded: "well, if you want to provide a comprehensive service to people, then you can't be missing key elements."
He makes the speech easy to understand. He said that payments are just the exchange of information from an information standpoint. According to a report from Platformer, the company is trying to get a money transmitter license in Washington. According to the report, Esther Crawford, who has been in charge of rolling out the new Blue service, has been named CEO of the payments company.
There is a huge difference between storing user information and money. It could be a bad day for you if your account is hacked. You might not be able to make rent if your bank is hacked.
If done wrong, Musk's companies that sell cars and launch rockets can be fatal. There are a lot of things Musk and his team don't have on the site. Executives and employees are responsible for safety. There are cracks showing that may be a result of Musk laying off almost half of the company. If my chief privacy officer, chief information security officer, and chief compliance officer resigned, I wouldn't want to start a bank.
The idea of using the platform as a bank isn't completely out of the blue. In the past, Musk has said that he would like to turn the social networking site into an all-in-one app. Banking services are included in everything. One employee mentioned Musk's history with banking, as he asked about the company's "embarking on a payments journey almost from scratch"
Block is a payments company that is behind Square and the Cash App.
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