When Elon Musk acquired Twitter which is known as X, things started to change gradually. From the Blue checkmark subscription to its mysterious logo, the platform has received a full makeover for some time.
Although the business tycoon faces financial challenges in managing the microblogging site, he still plans to transform X someday into a one-stop digital finance hub.
In actuality, what Musk envisions is turning X into a fully-fledged bank which he thinks can be helpful for users to sustain their financial needs. If things go according to plan, we might potentially see the payment system in late 2024.
Transforming X into a Financial Sanctuary
SpaceX, Twitter, and electric car maker Tesla CEO Elon Musk attend an event during the Vivatech technology startups and innovation fair at the Porte de Versailles exhibition center in Paris, on June 16, 2023.
Musk's vision for X extends far beyond simple peer-to-peer payments. He envisions a platform that encompasses every aspect of an individual's financial life, from traditional payments to securities and beyond, per The Verge.
"I'm talking about, like, you won't need a bank account," the tech billionaire says.
For Musk, traditional banks are already redundant, and going digital is the best way to secure your money in this modern age. This way, he can provide the financial services that everyone can use.
How it All Started For Elon Musk?
Launching X as an all-around app for users is all Musk wants to bring to life. This ambitious vision started in January when registered "Twitter Payments LLC" with the US Treasury Department's Financial Crimes Enforcement Network.
In doing so, money transfers are now possible across the US territories. In the next few months, Musk anticipates that X will acquire the remaining money-transmitting licenses.
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Going Global With X's Payment System
X's CEO Linda Yaccarino revealed in a recent blog post that the platform has already obtained money-transmitter licenses in several states and is working towards launching a global payment system.
While specific details are yet to be disclosed, the move hints at X's determination to cater to a worldwide audience.
Digital finance is a competitive and highly regulated field. Gaining user trust and meeting regulatory requirements are formidable challenges.
Users have numerous banking alternatives, and regulators scrutinize financial entities closely. Nevertheless, Musk is committed to making X a trusted platform for both users and regulators.
Monetizing and Incentivizing
One way to win users over is by monetizing their activity on the platform. X has already initiated payments to creators, with over $20 million distributed to date. The plan includes turning users' accounts into high-yield money market accounts, making having a Twitter account the most lucrative option, per Ars Technica.
Musk's grand vision for X mirrors the roadmap he and David Sacks initially outlined for PayPal in 2000. He was bewildered that PayPal never fully realized that vision. He believes that once X picks up where PayPal left off, people will be astonished by its capabilities.
For X users, you can now access the early version of audio and video calling features.
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