Elon Musk, the CEO of X, has given his employees one year to replace traditional banks. In a meeting with employees on Thursday, Musk said that he believes X can create a better banking experience for customers. The billionaire hinted that X will incorporate financial features and will be available by the end of 2024.
In a meeting, Musk emphasised that when he mentions “payments,” he is referring to handling someone’s complete financial existence. “Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account, he was quoted by The Verge.
“It would blow my mind if we don’t have that rolled out by the end of next year,” Musk said.
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In a step to take X a step closer to becoming an “everything app”, Musk’s next plan is to transform the platform into a financial services platform. He envisions the app to become a one-stop destination for communication, multimedia and financial services.
This X app will include financial technology features, such as payment and banking functionalities. To facilitate this financial integration, Twitter has secured licenses to operate as a money transmitter in four US states -Arizona, Michigan, Missouri, and New Hampshire.
Additionally, Elon Musk also has prior experience in the financial technology sector, having founded the company that eventually became PayPal Holdings Inc.
Musk mentioned, ” The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” and he went on to say, “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,” reported The Verge.
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