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.<\/p>\n
Musk wants X to offer financial services by 2024<\/h2>\n
According to the audio recording of the meeting obtained by The Verge, Musk said: \u201cWhen I talk about payments, I’m really talking about someone’s entire financial life. \u00bb Furthermore, the billionaire clarifies that if something involves money, it should be on the microblogging platform<\/p>\n
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.<\/p>\n X is working to obtain licenses to act as a financial service in the United<\/a> 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 \u201cless complete product\u201d than what Musk had proposed. planned 23 years ago.<\/p>\n This is another step in converting X into a general-purpose app<\/a>, 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.<\/p>\n You can follow Smartprix on Twitter<\/a>, Facebook, Instagram and Google News. Visit smartprix.com for the latest news, reviews and technical guides.<\/p>\n<\/div>\nX could offer services like loans and checks<\/h2>\n