Musk’s ambitious payment system for X reported to roll out in 2024

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Elon Musk’s takeover of Twitter, now known as X, has resulted in a major rebranding of the social media platform, with several less-desired changes and updates to the platform.

Musk’s vision is to make X the ‘Everything App’ that would offer more than just tweets. As part of making an “everything app,” it was reported in the past that payments and banking features might soon be coming to the platform.

Now, as shared in a recent earnings call, Musk shared his belief that X will roll out its payment system by the end of 2024, promising a financial revolution.

“It would blow my mind if we don’t have that rolled out by the end of next year,” Musk said. “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.”

Musk has already registered X with the U.S. Treasury Department’s Financial Crimes Enforcement Network, a crucial step to initiate money transfers between users in the United States.

“We want money on X to flow as freely as information and conversation. We have already secured first money transmitter licenses in several states, and we are moving toward launching a global payment system – more soon!” wrote X CEO Linda Yaccarino in a blog post.

The path X and Musk are on is sure to be filled with challenges and regulatory concerns.

Image credit: Shutterstock

Via: ArsTechnica

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