Elon Musk promised X will replace banking apps and more

Musk is going to make X the app for everything

Elon Musk said that financial features in X will be launched by the end of 2024, adding that users will be surprised by “how powerful this functionality will be.”

“When I talk about payments, I’m talking about your entire financial life,” Musk said. – If it comes to money, it will be on our platform. Money, securities, or something else. So, it’s not about just sending $20 to a friend. What I’m saying is that you won’t need a bank account anymore.”

X CEO Linda Yaccarino said the company sees this becoming a “full opportunity” in 2024. “I’ll be shocked if we don’t get this done by the end of next year,” Musk said.

Elon Musk
Elon Musk

The company is currently working to obtain money transmitter licenses throughout the United States to be able to offer financial services. Musk told employees he hoped to receive the rest of X’s needed items in the “next few months.”

“The X/PayPal product roadmap was written by me and David Sachs virtually in July 2000,” Musk added. “And for some reason PayPal, when it became eBay, not only didn’t implement the rest of the list but actually rolled back several key features, which is just crazy. So PayPal is a less mature product than the one we came up with in July 2000, which was 23 years ago.”

Musk’s goal is to transform the X platform into an “everything app” similar to super apps like WeChat in China that offer access to shopping, transportation, and more.

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