Elon Musk's X Intensifies Fintech Efforts with In-App Transactions and Investments
By: Isha Das
X, the platform previously known as Twitter, is evolving into a multifaceted application by introducing a variety of financial services within its ecosystem. Under the leadership of CEO Linda Yaccarino, the social media giant is rapidly transitioning toward being an "everything app," a vision long held by its owner, Elon Musk. According to reports, X is set to enable users to perform a wide range of financial activities directly within the app, such as everyday transactions, money transfers, and investment management.
Yaccarino has confirmed that the company is in the process of launching a branded debit or credit card by the year’s end, facilitating both basic and advanced financial activities for its extensive user base. This move aligns with earlier steps to enhance user experience, including the introduction of AI tools, live video functionalities, encrypted communications, and the expected rollout of XChat, a sophisticated messaging system with features such as disappearing messages. These upgrades have significantly improved user engagement and are central to the broader strategy of transforming X into a comprehensive platform combining the realms of social media, entertainment, and commerce.
Financial services are a critical element of this transformation. The platform intends to build upon past initiatives, like X Money and a peer-to-peer payments system, supported by a recent partnership with Visa to develop the X Money Account, a digital wallet. Additionally, X is working to obtain money transmitter licenses in multiple US states and has registered with FinCEN. These regulatory accomplishments allow X to operate an expanding fintech stack, offering financial services across various jurisdictions legally.
Despite this revolutionary progress, X has not officially announced plans to integrate cryptocurrency transactions, leaving a noticeable gap in its otherwise tech-forward evolution. This decision is intriguing, especially considering Elon Musk's personal history with cryptocurrencies, including Bitcoin holdings at Tesla. Many users are optimistic that given Musk's pro-crypto stance, digital asset transactions might eventually be included within X's offerings, potentially aligning the app’s fintech capabilities with the burgeoning cryptocurrency market. Yet, the company has yet to reveal any concrete steps in this direction, and speculations regarding the launch of a proprietary crypto token remain unconfirmed.
