San Francisco, CA – Elon Musk, owner of Twitter/X, recently disclosed new insights into his forthcoming payment services during an extensive staff meeting. The event, reported by The Verge on October 26, offered a glimpse into Musk’s ambitious vision for X Payments, set to revolutionize financial transactions.
Musk revealed that X Payments will not merely be a conventional payment service but is designed to encompass nearly every facet of a user’s financial life. He stated, “When I say payments, I actually mean someone’s entire financial life. 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.”
While Musk’s vision appears to cover a wide spectrum of financial services, he did not explicitly mention the incorporation of new cryptocurrency features. Nevertheless, the X app already incorporates some crypto elements, including the ability to tip with Bitcoin and Ethereum, as well as support for NFT profile pictures.
Musk provided insight into the current progress of the payment feature’s development, indicating that the company is awaiting regulatory approvals. He anticipated the completion of this process in the coming months. In the summer, X secured money services licenses in various U.S. states, with licenses acquired in nine states, according to the latest data.
Executives at X indicated that the payment features are slated to launch in 2024. X CEO Linda Yaccarono emphasized that these features will become a “full opportunity” by that time. Musk, expressing optimism, stated that it would “blow [his] mind” if these features are not introduced by the end of the next year.
Musk’s Ambitious Plans for X In addition to unveiling the payment features, Musk shared his broader vision for X, asserting that the company is rapidly reshaping what was formerly Twitter into an all-encompassing app. He aims for X to surpass China’s WeChat, an app known for combining payment services and social networking, albeit with no global counterpart beyond China.
Musk also highlighted impressive statistics for X’s usage, including 500 million daily posts and a staggering 100 billion daily impressions. He anticipates a significant increase in payouts to content creators and noted that the number of creators has already grown tenfold.
Musk’s ambitions extend to enhancing X’s social features by adding job recruitment and dating services. Furthermore, he intends to integrate X’s video features with TVs, offering an expanded viewing experience. He praised the community fact-checking system introduced to the platform in early October.
This staff meeting, held on October 26, 2023, coincides with the first anniversary of Musk’s acquisition of Twitter in 2022. Subsequently, Musk rebranded Twitter as X in July 2023.