Elon Musk has long expressed a desire for his X platform to emulate WeChat, the Chinese super app that combines messaging, social media and mobile payments. Other fintechs such as Meta Pay have pursued similar goals as well as federated platforms like TikTok and Bluesky.
Recently, X received multiple state licenses enabling it to offer peer-to-peer payments and other money features.
What will X look like?
Although many details surrounding X remain hazy, its direction is clear. Since acquiring Twitter in 2022, Musk has seen it as his mission to develop an all-in-one app with various functions to provide services on one platform for his users.
Social media, transportation and banking services are among X’s areas of focus; to meet them all effectively they have begun acquiring necessary regulatory licenses in the United States to facilitate this move.
Not only could the company integrate financial services, but it could also introduce gaming features and a subscription-based revenue model that reduce X’s reliance on ads while increasing user engagement. Musk has expressed support for cryptocurrency integration; however, this would require obtaining an additional money transmitter license which may take time due to current regulatory landscape in US; nonetheless it seems as though they’re well on their way towards providing full range of financial services by 2024.
Will X support cryptocurrencies?
Musk recently discussed with Cathie Wood of ARK Invest that his next app X will include payment platform capabilities in keeping with his desire for it to become an all-encompassing everything app. To achieve this vision, the firm must first overcome skepticism from both users and regulators – thus far they have registered themselves as payments processors while working toward acquiring money transmitter licenses.
Industry observers have speculated that X could incorporate cryptocurrency functionality, turning it into an all-in-one financial management platform for its users. Given Elon Musk’s dislike for creating his own cryptocurrencies (with the exception of Dogecoin), it makes more sense for him to leverage existing options, particularly given his vision of making traditional banks obsolete through using Twitter’s payment and financial capabilities.
Will X launch peer-to-peer payments this year?
Musk made clear his intention of turning Twitter into an all-in-one “everything app” by rebranding as “X,” signaling his ambitions of building out payment functionality through payment transmission licenses in Michigan, Missouri and New Hampshire – an essential step toward building out such an app.
Integrating payments could pit X against established players like Apple Pay, Google Pay, and Venmo; however, adding payments could make its service more user-friendly and help it make more effective use of revenue opportunities.
Musk has expressed an affinity for cryptocurrency through Tesla and The Boring Company, both accepting it. He has stated his intention of including it into X in the future; however, acquiring necessary licensing and building user trust will prove challenging in an industry with multiple banking alternatives and regulatory bodies scrutinizing financial entities closely; consequently, the timeline remains unknown for when money features might launch within X.
Will X launch peer-to-peer payments in 2024?
Elon Musk has been actively working to transform Twitter into an “everything app” similar to China’s WeChat. One of his key ambitions is making X a center for financial transactions.
Recently, X has secured licenses in several U.S. states enabling it to operate similar payments and transfers services similar to PayPal. Most recently in Pennsylvania X acquired their thirteenth licence.
Musk recently stated that X could launch its payment functionality this year, in order to diversify revenue streams and decrease dependence on advertising.
Integrating payment functionalities could give X an edge against existing platforms like PayPal. Furthermore, this might disrupt the fintech landscape and increase user engagement – however this all depends on consumer preferences, competition and regulatory issues.
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