Musk mentioned the brand new characteristic will cowl nearly all areas of finance, stating:
“Once I say funds, I truly imply somebody’s whole monetary life. If it includes cash, It’ll be on our platform. Cash or securities or no matter. So, it’s not identical to ship $20 to my good friend. I’m speaking about, like, you gained’t want a checking account.”
Although Musk recommended that X will cowl nearly all areas of finance, he didn’t state that it’ll combine new cryptocurrency options. Nevertheless, the app already contains sure crypto options, equivalent to Bitcoin and Ethereum tipping and NFT profile image help.
Musk in any other case mentioned that the corporate is ready on approvals for its fee options and mentioned that this course of must be full within the coming months. X secured cash providers licenses in numerous U.S. states this summer season, together with in July and August. The corporate has obtained licenses in 9 states, in line with present knowledge.
Executives recommended that fee options will arrive in 2024. X CEO Linda Yaccarono recommended that the characteristic will develop into a “full alternative” by that point, whereas Musk mentioned that it might “blow [his] thoughts” if it’s not launched by the top of subsequent yr.
Musk has better ambitions for X
Elsewhere on the decision, Musk noted that his firm is “quickly remodeling” what was as soon as Twitter into an all the pieces app. He mentioned that he intends for X to surpass China’s WeChat app. That app equally contains fee and different options alongside its social media community however doesn’t have an equal exterior of China.
Musk additionally mentioned that X sees “monster numbers” relating to utilization, together with 500 million posts and 100 billion impressions per day. He additionally mentioned expects creator payouts to “improve considerably” and mentioned that creator numbers have already elevated ten-fold.
Musk needs to broaden X’s social options to incorporate job recruitment and courting and prolong X’s video options by integrating the app with TVs. He praised the platform’s community fact-checking system, launched in early October.
The decision befell on Oct. 26, 2023, roughly marking the primary anniversary of Musk’s acquisition of Twitter in 2022. Musk rebranded Twitter to X in July 2023.