Elon Musk formalizes X Money: “When it comes to people’s money, you have to be extremely rigorous”
From Twitter’s acquisitionElon Musk has never hidden his intention to transform the social network into a super-application. But this time, the veil rises on one of the cornerstone of the project: X Money. The billionaire confirmed with his fingertips, via a simple rest, which the financial module of X would soon see the light of day. And even if the details remain vague, the implications are huge.
Elon Musk formalizes x money: x wants to integrate payment, messaging and crypto like WeChat
Concretely, X Money would be the financial component of application X. It would ultimately send money to loved ones, pay purchases, store savings, or even invest, all from a single space. A bit as if your messaging also became your bank, your credit card and your crypto wallet.
The idea is not new: it’s exactly WeChat model in Chinaused both to discuss, order a taxi, pay for coffee or manage a bank account. It is also The revolut project since 2022.
To make this possible, Elon Musk has already obtained licenses from “Money transmitted” in several American states. It is the equivalent of a simplified bank approval, essential to legally manipulate money. Objective: Build the foundations of a payment ecosystem, capable of competing with banking giants – or bypassing them. In February, he even mentioned the idea of registering the American cash on a blockchain.
But Musk remains cautious. “It will be a very limited access beta”he said, recalling that“Extreme rigor is necessary when people’s savings are at stake”. A way of tempering ardor while laying the foundations for an integrated payment ecosystem.
Linda Yaccarino, CEO of X, confirmed the arrival of payments on the platform for 2025. It remains to be seen whether the application will support cryptocurrencies such as Bitcoin, or stablecoins backed by the dollar, to facilitate rapid and inexpensive transactions. For GlobalData, which analyzes the trends in the sector, “X Money has a solid base. But to convince, you will have to go beyond the announcements: to reassure, innovate and simplify the experience.”
The future will say if X Money will be able to win against the giants of the sector such as Paypal, Apple Pay or Venmo.
