Elon Musk’s ambitious plan to turn Twitter into an all-encompassing platform, now known as X, is gaining momentum.
Beyond being a space for sharing thoughts, X is set to redefine online transactions, with recent developments bringing Musk’s vision closer to reality.
X Gains Money-Transfer License: Reports indicate that X has achieved a significant milestone by obtaining permission to send money in Pennsylvania, marking the 13th such approval in the United States.
This recent authorization positions X to introduce payment features on its platform, allowing users to seamlessly send money to each other, akin to popular services like PayPal’s Venmo.
Musk’s Bold Vision: Elon Musk, the owner of X, envisions the platform replacing traditional banking services. In an October statement, Musk expressed his desire for X to become the go-to platform for global financial transactions, eliminating the need for a traditional bank account.
During an internal meeting, Musk outlined his grand plan, stating, “When I talk about payments, I mean taking care of someone’s entire financial life.
If it has to do with money, it will be on our platform. Money, investments, or anything else. So, it’s not just sending $20 to a friend. I mean, you won’t need a bank account.”
Future Outlook: The recent money-transfer license from Pennsylvania signifies a pivotal step in Musk’s strategy to diversify X into a multifunctional app.
Musk has set an ambitious timeline, with these innovative financial features expected to be available to users by the end of the next year, promising to handle a spectrum of financial matters, from transactions to investments.
As Elon Musk’s X continues to evolve, it appears poised to redefine the landscape of online payments, challenging traditional banking norms and offering users a comprehensive financial platform.
