- Love or hate him, but you can’t deny that Elon Musk’s ambitious ideas and leadership acumen are second to none.
- X (Formerly Twitter) which Elon Musk bought in 2022 is preparing to introduce an in-app payment feature.
- This is part of Elon’s broader vision of turning the micro-blogging app into an all-encompassing application.
X forays into fintech
Elon Musk’s X is making strides into the fintech sector with the upcoming launch of an in-app payment feature, similar to Meta’s WhatsApp.
The screenshot posted by an app researcher indicates that this feature will offer users additional capabilities for transactions, managing balances, and transferring funds, all accessible through a new tab.
Aiming to build an ‘everything app’
Elon Musk’s vision for X extends far beyond its current social media functions.
With the introduction of the payments feature, Musk is taking a step closer to realizing his goal of transforming the platform into an all-encompassing application or ‘Everything App’.
The new feature will not only facilitate money transfers but also allow users to save and manage their funds directly within the platform.
Company secures licensing in the U.S.
In a significant development, X Payments, a subsidiary of Elon Musk’s social media platform, has secured licenses to operate in 33 states across the United States.
This expansion is a crucial step in the company’s strategy to provide nationwide financial services and establish a strong presence in the fintech industry.
Also read: Zoho and Juspay get payment aggregator license from RBI: A good sign for fintechs in India
How will the company make profits?
The company may implement a small fee for certain transactions as part of a broader business strategy.
This plan, submitted to Massachusetts regulators, was reported by The Economic Times. The introduction of transaction fees aligns with the company’s goal to enhance its financial services.
Expected rollout timeline
There is no official announcement regarding the exact timeline for the feature’s public rollout.
However, Elon Musk previously laid out his ambitious plans to introduce a payment service by mid-2024. It is anticipated that it will be introduced to users in the U.S. within the coming weeks.
Wrapping up
The launch of the Payments feature comes amid recent financial challenges for X.
The platform has been grappling with monetization issues due to a boycott by major advertisers, which has resulted in significant financial losses.
In response, X filed a lawsuit in federal court in Texas against Mars, CVS Health as well as the World Federation of Advertisers, Unilever, and Danish renewable energy company Ørsted.
