Venmo is PayPal 2.0 (and owned by PayPal). X is a distant 3, 4, or 5 place.
this post was submitted on 26 Jul 2023
366 points (95.1% liked)
Memes
45661 readers
1332 users here now
Rules:
- Be civil and nice.
- Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.
founded 5 years ago
MODERATORS
X is that failed PayPal intiative that people have forgotten.
Let's call it PayPal 0.01
Jinkies!
And PayPal is just X 2.0
I wouldn't even say that much. They bought out x.com as a competitor and threw their garbage code in the trash
Confinity already had payments between palm pilots back in fucking 1998, before x.com even existed
Palm Pilots seemed so futuristic back then.
The palm pre is still my favorite phone of all time.
Not to be pedantic but Palm Pre didn’t have anything to do with Palm Pilot, totally different OS. What’s crazy is they were setting up payments via Palm Pilot long before gadgets like the Handspring VisorPhone were available. That meant the only way to complete the payment was to sync the Palm Pilot to your PC back at your desk. Makes sense why they would pivot to pay by email and eliminate the need to use a Palm Pilot.
I never said it did. I was just stating my love for a phone that was underrated and had a short, yet bright, lifespan.
WebOS lives on, in my TV!
I remember the hardware fire sales as HP told us to look at the flowers.
I feel like palm pilots are super impressive for the time period they existed in. They were so futuristic! Basically the 1998 smartphone
What the hell is X? I feel out of the loop, as always.
As of now? Nothing other than twitter.
Musks plan is for X to basically be the wests version of WeChat.
Which is weird since the US Fed is now trialing a direct transfer service, and you're a lot of dead boomers and genXers away from dethroning V/MC/Amex from their ubiquitous payment networks. There's nothing you can do on the consumer side to make fund transfers cheaper or more attractive (reward systems already pay consumers to use cards) and also get vendors on board (who hate the 2.5-2.8% they already pay; they're sure as shit not going to pay you more than the going rate). Plus, given how poorly the code at Twitter was managed, you'd have to be an idiot to trust X with your money.
Here in Australia we've had direct transfer between banks for what seems like decades, yet people still use PayPal etc. If X gave me a reason to use it for payments, I would have no problem using it. I use paypal for some things, direct bank transfers for some, bpay for others, credit cards for others.
The main benefit of credit cards is they are credit. So if there is an issue you can hash it out before you actually pay for it as oppose to asking they send the money back.
The main appeal of credit cards is that their safety system has been so weak for so long, they had to develop amazing support systems just so people would use their horribly bad payment method.
The support systems still remain, so if I don't get my package, that's somehow the credit card company's problem now.
Whether you like it or not X gonna give it to ya
Man, I would love it if there was a non-corp owned way of giving money to people. Even the homeless have switched to PayPal/Venmo, and it’s to the point Visa/PayPal control and tax every transaction.
Brazilian central bank created a service like this (called PIX) a few years ago and now debit card and even cash is getting less and less used
Alternative to paypal are always welcome.
Not really a bad thing, is it? What’s the problem with having another competitor?
Because it's not a competitor
Yet. It's not a competitor yet. Musk has been open about working towards making it a competitor.
Again because last time went so well. And Elon musk is known for not liking and failing at complying to regulations, and that man wants to run a financial service provider? Hahahaha
Last time he got bought out for hundreds of millions of dollars, so yeh I’d say it went pretty well.
And then he continued to work on his x.com ideas, to be kicked out because he wasn't able to produce a product. Obviously he made money, but his idea failed. And him making money, doesn't change anything about his history with not complying with regulations and his plan to run in the modern environment a financial service. 9/11 changed the finance world. Obviously musk doesn't quite know that.
What on earth does this have to do with 9/11?
A lot of new regulations for the financial services. Like truly a lot.
Yeah, lots of regulations in building cars and space ships too.
I have good news. He is not complying to regulations with Tesla nor with SpaceX. He has multiple lawsuits going on for tesla and Elon musk's behavior has been ruled to be in violation of labor laws. SpaceX had issues with the FFA due to broken launch licenses. Thanks for making my point
If he wasn’t complying with regulations he wouldn’t be able to sell cars or launch rockets.
Lawsuits are irrelevant in lawsuit happy countries like the US.
He would be able... And there is a big difference between the regulations that he fulfils and the ones that he doesn't. Everything that is not directly needed to get the money, he doesn't want to do.
Please look into his regulatory issues before saying things like "lawsuits are irrelevant" and "he couldn't sell cars". It shows a lack of understanding of the reality of a state of law.
view more: next ›