Elon Musk Wants X To Replace Our Banks, Reveals Plan To Introduce Financial Features By 2024،
Elon Musk, owner of the popular microblogging app X (formerly Twitter), wants to transform the platform into a financial services provider or bank. Musk revealed his vision for X during the first all-hands meeting with current CEO Linda Yaccarino since he took office. Speaking to employees, he said he expects such features to be rolled out by the end of next year.
Musk wants X to offer financial services by 2024
According to the audio recording of the meeting obtained by The Verge, Musk said: “When I talk about payments, I’m really talking about someone’s entire financial life. » Furthermore, the billionaire clarifies that if something involves money, it should be on the microblogging platform
From what it appears to be, Musk wants X to launch a new division capable of sending and receiving money for users of the platform. This service will potentially allow users to carry out financial transactions without having a bank account. Our Indian readers might understand this with the example of Paytm Payments Bank, a service that allows people to use UPI and keep money in a virtual account, but it is not a bank per se.
X could offer services like loans and checks
X is working to obtain licenses to act as a financial service in the United States. In November 2022, Musk proposed turning Twitter into a bank, providing services such as high-yield marketplace accounts, debit cards, loans, and checking. During the meeting, Musk mentioned that he wrote the X/PayPal product roadmap in July 2000. However, when the company merged with eBay, it removed a few critical features, implying that PayPal is a “less complete product” than what Musk had proposed. planned 23 years ago.
This is another step in converting X into a general-purpose app, something Musk mentioned earlier this year. Additionally, X wants people to rely on him for daily financial transactions. While this is possible, given that people already use third-party financial services in various countries in addition to public and private banks, it involves challenges that X and his team will need to overcome in due time.
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