In an audio of the meeting obtained by The Verge, Elon Musk said: “When I say payments, I mean someone’s entire financial life.If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account.”
X CEO Linda Yaccarino has also said that the company sees this becoming a “full opportunity” in 2024. “It would blow my mind if we don’t have that rolled out by the end of next year,” Musk added.
How X is planning to transform into a financial app
Currently, the company is working on getting money transmission licenses approved across the US. These licenses will help the X to offer financial services. Musk also expects his employees to get the other licenses X needs in “the next few months.”
Earlier, Musk discussed his plans to turn X into a financial platform. To turn this into reality, he even renamed Twitter after his previous online bank, X.com, which eventually became part of PayPal.
Musk previously said the platform would offer high-yield money market accounts, debit cards, checks and loan services. His goal is to allow users to “send money anywhere in the world instantly and in real-time.”
Musk said: “The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000. And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.”
This plan is also a part of Musk’s goal to turn X into an “everything app,” just like other super apps. For example, WeChat in China offers users access to shopping, transportation and more.