Twitter’s X platform has opened up its built-in payment tool, X Money, to a wider range of premium users in the US. It’s part of Elon Musk’s strategy to transform the social network into an everything app that combines communication and financial services.
Twitter’s X platform has opened up its built-in payment tool, X Money, to a wider range of premium users in the US. It’s part of Elon Musk’s strategy to transform the social network into an everything app that combines communication and financial services.
According to Bloomberg, the launch of the banking tool was announced on Twitter by Dhruv Bhatura, head of X Money. He previously worked at Tesla for more than a decade, after which he joined the X team in 2023. According to him, at this stage the company will collect user feedback and eliminate technical problems before making the service available to the wider public.
It is noted that the first testers of the platform have already managed to evaluate the advantages of the financial service at the beginning of the year. Among the key features of X Money are the accrual of 3% cashback on eligible purchases and 6% annual interest on the balance of accumulated savings.
Payment systems are a long-standing passion for Musk, who started his career in Silicon Valley as a co-founder of PayPal. The billionaire expects that in the future, users will be able to use X Money for instant transfers to friends and businesses, as well as for full-fledged storage of funds like in traditional banks.
«We want everything to be arranged so that if you want, you can live your life in App X,» Musk said during a conversation with employees.
Recall that the launch of X Money is delayed due to bureaucracy. To operate in the US, the service must obtain licenses in all states, and previously it did not have permission in New York and Massachusetts. In addition, there are political and regulatory issues related to the project. In particular, the financial model of the service, the safety of user funds, and the ability of X to operate as a financial institution are being questioned.
