Billionaire entrepreneur Elon Musk, who previously took over Twitter (now known as X), is ambitious in transforming X into the centre of the financial world, handling all aspects of our lives that involve money. Musk mentioned that the social media platform expects to begin its services as a financial platform by mid-2024, pending the approval of licenses before operating in this capacity.
“We’re just waiting for the final approvals to come through for the money transfer licenses,” Musk said, adding that they will probably receive approvals early next year.
X users will soon be able to make transactions and pay bills via the social network platform
The billionaire entrepreneur plans to add a suite of banking products to the social network platform as he attempts to build a U.S. “super app” with financial services at its core. Following his controversial takeover of the social media platform and disruption of the automotive and space industries, Musk is keen on reintroducing X as a platform for various financial services, including trading, payments, and more.
He believes that the platform could revolutionize the way people manage their finances and plans to launch various services over the coming years. This includes the ability to buy and sell stocks, as well as cryptocurrency exchanges. Musk also plans to launch a debit card connected to X.com, allowing users to make transactions and pay bills. Additionally, he is exploring the possibility of opening a bank account linked to X.com, enabling users to receive deposits and make transfers.
Besides, he intends for the platform, which has more than 300 million active users, to serve “someone’s entire financial life.” In supporting this statement, last July, Musk hinted that X users would be able to conduct their “entire financial world” through X. Even X staff leaked to several U.S. publications that Musk had applied for various money transmission licenses in the U.S. to allow it to send payments.
“If it involves money, it’ll be on our platform,” Musk told his workers. “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. It would blow my mind if we don’t have that rolled out by the end of next year.”
Transforming X into a hub for financial services aligns directly with Musk’s ambition of turning the platform into a super app – just like WeChat in China, which provides users with access to shopping, transportation, and more relevant services.
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