As part of a plan to develop the social media platform X into an ‘everything app’, the company is reportedly preparing to roll out X Money, a digital payments and banking service.
Bloomberg reported X will provide initial public access this month, however some users are already using the service, reporting features including 3 per cent cash back on eligible purchases, 6 per cent interest rates on savings and direct debit card links offering free peer-to-peer transfers.
X Money will also include a personalised debit card and an AI-powered concierge developed by Elon Musk’s xAI venture, designed to track spending and organise transactions. Existing X creators who receive payments on Stripe will be migrated to X Money.
The billionaire tech mogul emphasised payments as a cornerstone of his broader platform ambitions, pointing to China’s WeChat as a model. He reportedly told employees earlier this year: “We want it to be such that, if you want to, you could live your life on the X app”.
Last year, X partnered with Visa to support direct payments and enable X Wallets to be funded instantly via Visa Direct, enabling users to top up balances in real time.
However, Richard Crone, Crone Consulting founder told the publication, Musk “promised this vision more than two years ago… This may be a day late and a dollar short”.
Indeed, since taking over X in 2022, Musk has made moves to advance the platform, including the introduction of a subscription model and audio and video calling features.
At risk
Launch delays point to ongoing regulatory hurdles. X still lacks payment licences in several US states, with lawmakers raising concerns over governance and consumer protection.
Massachusetts state senator Elizabeth Warren questioned the platform’s financial model earlier this month, warning that Musk’s “failure to operate X in a safe and responsible manner does not breed confidence in your ability to safely expand into consumer finance”.
“If your track record operating X is any indication of how you’ll operate X Money, consumers, our national security, and the stability of the financial system may be at risk”, she added.
Source: Mobile World Live
Image Credit: Stock Image
