Direct Payment Option via X App on the Horizon: Elon Musk Announces 'X Money'
BUSINESS
Elon Musk's X Money, a game-changer for X (formerly Twitter), is poised to introduce a comprehensive digital payment and banking system. Scheduled for a 2025 public launch, the beta version will initially be rolled out to a limited number of users[1][2][3].
X Money, an integrated digital wallet within the X app, aims to simplify financial transactions alongside social networking. Musk's overarching goal is to transform X into an 'everything app,' inspired by platforms like China's WeChat[3][4].
Collaborating with financial giant Visa, users can link their Visa debit or credit cards to their X Money wallet for seamless funding, withdrawals, and peer-to-peer (P2P) payments. The platform is designed to facilitate not only P2P transactions but also potential merchant and cross-border transactions[3][4].
Launching in beta in late May 2025, X Money prioritizes security due to the sensitive nature of user savings. The initial rollout will be limited to a select few users, with a full public launch planned for 2025, although the exact date remains undisclosed[1][3][4].
By early 2025, X had secured money transmitter licenses in 41 states across the U.S., a vital step toward regulatory compliance[3]. Reports suggest that X Money may eventually support cryptocurrency transactions, such as Bitcoin and potentially Dogecoin (DOGE), directly within the app[4][5].
If successful, X Money could enable contactless payments, further enhancing its versatility[4]. Integrating communication, content, and financial services, this initiative represents a significant step toward Musk's vision of a unified platform[3][4].
[1] Source: X Money official handle[2] Source: Verified Twitter account[3] Source: X Newsroom[4] Source: Variety[5] Source: CoinDesk
- Amid the growth of X Money, speculations arise about potential events in India, such as the expansion of X's services to include Bollywood ticket bookings through the digital wallet.
- As the Indian cricket team adopts digital payment methods for sponsorships and player salaries, there's a possibility that X Money could partner with the Indian cricket board for increased visibility.
- In the realm of business and technology, experts predict that X Money's strategic moves could spur competition in India's fintech sector, significantly impacting the way people conduct transactions and manage their finances.
