Elon Musk envisions transforming X into a comprehensive financial hub, centralizing all monetary transactions and services for users. Musk shared his ambitious plan in October 2023, as reported by The Verge.
He aims to integrate features that handle the entirety of a user’s financial life into X, expecting this functionality to be fully operational by the end of 2024, according to The Verge.
Musk’s concept goes beyond simple peer-to-peer transactions. He foresees a robust platform that users wouldn’t need traditional bank accounts. Services would include handling money, securities, and more.
Musk’s vision extends to offering high-yield money market accounts, debit cards, checks, and loans to enable instant and real-time global money transfers.
X’s CEO, Linda Yaccarino, sees 2024 as the year for this full-scale rollout. Musk’s commitment to this vision is apparent as he recalls the original roadmap for X.com, a precursor to PayPal, which he co-founded during the dot-com boom 20 years ago.
He laments that PayPal, after its eBay integration, did not fully realize the potential he and David Sacks envisioned back in 2000.
Musk’s strategy for X involves securing necessary money transmission licenses across the United States to offer these comprehensive financial services. He told his employees in October 2023 his hope to soon acquire the remaining licenses.
Inspired by WeChat
The transformation of X into a financial services hub is part of Musk’s broader goal to develop an ”everything app.” This concept is inspired by the functionality of WeChat in China, which offers a wide range of services, including shopping and transportation.
You can even buy a coffee with face recognition, NewsVoice learned during a visit to China in late 2023.
WeChat is an indispensable tool deeply embedded in the fabric of daily life. This super-app, a creation of Chinese tech behemoth Tencent, transcends the conventional boundaries of a smartphone messaging platform. It’s a multifaceted application that amalgamates several functionalities into a single interface.
It’s not just a platform for messaging but extends its services to social media, financial transactions, and various subscriptions. The app simplifies tasks like paying utility bills, ordering food deliveries, and purchasing plane and train tickets.
Moreover, WeChat’s scope includes ride-hailing services, making it a one-stop solution for many daily needs and conveniences. Its deep integration into daily life highlights how technology reshapes lifestyles and societal interactions.