You can use Musk's X Money for payments from April
What's the story
Elon Musk has announced that X Money, a payment system integrated into the social media platform X, will be available for early public access next month. The move is part of the company's plan to transform the platform into a more comprehensive digital ecosystem. The service will let users conduct financial transactions directly within the app.
App evolution
'Everything app' in the works
The development of X Money as an in-app payment system is a major step in Musk's long-term goal to turn X into an "everything app." The feature will permit peer-to-peer transfers and digital transactions without leaving the platform. If widely adopted, it could let users pay for services, transfer funds, and manage other financial activities alongside messaging, media sharing, and content posting.
Strategic focus
Financial services key part of future strategy
Musk has repeatedly claimed that financial services will be a key part of the platform's future strategy. The move to integrate payments into a social platform is already seen in some global markets, where messaging services have become multi-purpose apps combining communication, commerce, and finance. X has also partnered with Visa to support its payment infrastructure development, for secure as well as regulated financial transactions on the platform.
Expansion plans
Musk's vision for X
Since acquiring Twitter in 2022 for $44 billion and rebranding it X, Musk has detailed plans to expand the platform beyond social networking. The broader strategy includes integrating messaging, video, streaming, commerce, as well as financial services into a single app.