Elon Musk Foresees Bank Account Irrelevance with X Payments

During an all-hands staff meeting, Elon Musk, the owner of X (formerly known as Twitter), unveiled further insights into the payment services within his vision.

His vision for X is ambitious, aiming to encompass a wide spectrum of financial services.

However, he refrained from mentioning any plans to integrate new cryptocurrency features, although the application already incorporates certain crypto elements, such as Bitcoin and Ethereum tipping and NFT profile picture support.

Elon revealed that the company is currently awaiting approvals for its payment features, with expectations that this process will conclude in the coming months.

He added:

“When I say payments, I actually mean someone’s entire financial life. If it involves money, It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

X has made substantial progress in securing money services licenses across various United States (US) states this summer, acquiring licenses in nine states according to the most recent data available.

Executives have hinted that these payment features are anticipated to become fully operational in 2024.

X CEO Linda Yaccarono envisions this development as a significant opportunity, while Elon expressed confidence that it would be a remarkable achievement if these features were not introduced by the end of the next year.

His broader vision for X encompasses a transformation of Twitter into an all-encompassing platform, aspiring to surpass China’s WeChat, which combines payment and social media features but lacks a global equivalent.

However, he faces considerable challenges, including convincing users of the platform’s value and earning their trust with their entire financial life.

Elon also highlighted impressive usage statistics during the call, with X generating 500 million posts and 100 billion impressions daily.

He anticipates a substantial increase in payouts to creators, with the number of creators having already multiplied tenfold.

His vision for X extends beyond its current boundaries, aiming to integrate job recruitment and dating into its social features and expand its video capabilities through integration with TVs.

He also commended the platform’s community fact-checking system, introduced in early October.

This call, taking place just last week, commemorates roughly one year since Elon’s acquisition of Twitter in 2022.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.

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