Mikkel Christensen
Elon Musk is moving closer to his goal of transforming X into an all-in-one digital platform.
Elon Musk is moving closer to his goal of transforming X into an all-in-one digital platform. The company is preparing to introduce a new payments feature called X Money as early as April.
Musk has repeatedly described his ambition to turn X into an “everything app,” similar to China’s WeChat, combining social media, commerce and financial services in a single platform.
According to Cointribune, Musk confirmed the upcoming launch in a post on X on March 10.
Payments inside X
The upcoming feature will allow users to perform financial transactions directly inside the platform.
According to Cointribune, X Money will support peer-to-peer transfers, allowing users to send funds to one another through the app.
The system will also allow bank deposits and provide a debit card connected to user accounts.
Interest offer draws attention
One detail attracting attention is the expected annual yield of around 6 percent on balances stored in X Money accounts.
According to Cointribune, this level of return is higher than many traditional savings accounts and could compete with some money market funds.
The interest feature could draw scrutiny from regulators, who have been examining digital financial products that offer bank-like returns.
Building a financial ecosystem
The payment system will rely on X Payments, a subsidiary licensed to operate in more than 40 U.S. states.
The company has also partnered with Visa to help manage account funding and payment processing.
According to Cointribune, X already offers features such as cashtags that allow users to track stock and cryptocurrency prices directly from the platform.
No crypto integration yet
Despite ongoing speculation about cryptocurrency support, no digital assets were mentioned in the launch announcement.
According to Cointribune, the announcement did not reference Bitcoin, stablecoins or Dogecoin.
Dogecoin briefly rose following the news, however, suggesting some investors still believe cryptocurrency integration could arrive in the future.
Sources: Cointribune
