Elon Musk says X payments will eliminate need for bank account by end of 2024

Twitter/X proprietor Elon Musk revealed new particulars of his deliberate fee companies throughout an all-hands employees assembly, as reported by The Verge on Oct. 26.

Musk stated the brand new characteristic will cowl nearly all areas of finance, stating:

“After 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 buddy. I’m speaking about, like, you gained’t want a checking account.”

Although Musk advised that X will cowl nearly all areas of finance, he didn’t state that it’ll combine new cryptocurrency options. Nonetheless, the app already contains sure crypto options, comparable to Bitcoin and Ethereum tipping and NFT profile image help.

Musk in any other case stated that the corporate is ready on approvals for its fee options and stated that this course of must be full within the coming months. X secured cash companies licenses in numerous U.S. states this summer season, together with in July and August. The corporate has obtained licenses in 9 states, in keeping with present knowledge.

Executives advised that fee options will arrive in 2024. X CEO Linda Yaccarono advised that the characteristic will turn out to be a “full alternative” by that point, whereas Musk stated that it might “blow [his] thoughts” if it isn’t launched by the top of subsequent 12 months.

Musk has larger ambitions for X

Elsewhere on the decision, Musk famous that his firm is “quickly reworking” what was as soon as Twitter into an all the pieces app. He stated 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 stated that X sees “monster numbers” relating to utilization, together with 500 million posts and 100 billion impressions per day. He additionally stated expects creator payouts to “enhance considerably” and stated that creator numbers have already elevated ten-fold.

Musk needs to develop 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 neighborhood fact-checking system, launched in early October.

The decision occurred 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.