X (formerly Twitter) CEO Elon Musk suggested the platform will introduce financial features by the end of 2024 during a company general meeting on Thursday. This aligns with his vision of transforming X into an “everything app.”
In the internal meeting, Musk stated that X aims to eventually allow users to conduct “their entire financial life” through the platform if it “involves money.”
It envisioned features far beyond peer-to-peer payments, allowing users to potentially replace traditional bank accounts using X financial tools.
It would cover securities and complete financial picture
Musk clarified that X’s financial reach would expand beyond simply sending money to include securities and a user’s full financial profile.
“It’s not just sending $20 to my friend. I’m talking about you not needing a bank account,” he emphasized about the magnitude of his ambition.
With the aim of implementing it at the end of 2024
X CEO Linda Yaccarino backed Musk’s vision, saying financial services represents a “full opportunity” for X in 2024.
Musk agreed that it would be disappointing if the capabilities were not operational by the end of next year. X is currently working to obtain the necessary state licenses to transmit money.
Follow the growing trend of “apps for everything”
Providing financial services would make X more like “super apps” like WeChat that integrate messaging, payments, e-commerce and more.
Musk aims to transform X into a similar all-in-one platform for users’ daily digital needs while continuing to expand its features.
Musk knows the payments space thanks to PayPal experience
As co-founder of PayPal, Musk is intimately familiar with the digital payments space that X is now poised to enter.
He expressed surprise that PayPal failed to develop the original 2000 product roadmap after being sold to eBay. X allows Musk to fulfill his original vision.
He previously talked about enabling real-time cross-border payments
In November 2022, Musk first revealed his goals to facilitate instant international money transfers on X as part of his vision for “transformative opportunity in payments.”
X financial tools would aim to enable real-time money sending globally, overcoming traditional limitations.
Aligned with Musk’s Web3 ambitions
The decentralized financial services offered by X also align with Musk’s web3 interests in leveraging blockchain technology.
X could integrate crypto wallets or other web3 financial components as Musk contemplates revolutionary concepts.
In summary, the latest indications from Elon Musk indicate that X will aggressively push into financial services over the next two years as part of its expansive product roadmap for the platform. The move could dramatically expand X’s capabilities.
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Categories: Technology
Source: vtt.edu.vn