Elon Musk's X is gearing up to launch payment and investment features in 2025, signaling a major shift for the social media platform towards becoming an "everything app." This initiative aims to integrate financial services directly into the X platform, allowing users to manage a wider range of their financial lives within the app.
CEO Linda Yaccarino revealed that users will soon be able to make investments and trades directly through X. This expansion aligns with Musk's vision to create an all-encompassing platform similar to WeChat, the Chinese super-app that combines social media, messaging, and payments. The goal is to enable users to handle everything from peer-to-peer payments and tipping creators to making investments and trading assets, all without leaving the X ecosystem.
The rollout will begin in the United States with the introduction of "X Money," a digital wallet and peer-to-peer payment system. X is partnering with Visa to facilitate these payment services, with plans to potentially introduce an X-branded credit or debit card later in the year. X Money will support various functions, including tipping creators, storing value, and purchasing merchandise directly within the app.
The move into financial services requires X to navigate a complex regulatory landscape, comply with licensing laws, and adhere to anti-money laundering regulations. While Yaccarino did not specify which asset classes would be supported or mention cryptocurrency directly, the platform already allows tipping with Bitcoin's Lightning Network and displays real-time crypto prices via $Cashtags. Visa's existing partnerships with several crypto service providers suggest that X's rollout may eventually include blockchain-based currencies.
Since acquiring Twitter in 2022 for $44 billion, Musk has been focused on transforming the platform into a multi-functional "super app." The introduction of payment capabilities is a key step in this transition. X Payments LLC, which operates X Money, has already secured money transmitter licenses in 41 US states and is working towards obtaining approval in all 50 states.
