Elon Musk's vision of an all-encompassing digital platform through X is gradually taking shape. The billionaire recently confirmed that the long-awaited "Payments" feature will be rolled out later this year, positioning the platform closer to its goal of becoming an "everything app." This approach is not unprecedented, as China's WeChat has long integrated messaging, social networking, and financial transactions into a single platform.
X Payments to Expand Social Media Capabilities
X CEO Linda Yaccarino announced a partnership with Visa as the company's first major step toward implementing a payment system called "X Money." Users who opt into the service will receive an X Money account, enabling them to securely transfer funds to an X Wallet via Visa Direct. The feature will also allow users to link their debit cards for peer-to-peer (P2P) transactions.
The announcement follows Musk's previous statements indicating that X Payments is set to launch in 2024, with a full transformation into an everything app expected by 2025. However, Yaccarino did not provide details on whether the platform will support person-to-business (P2B) transactions, in-store payment capabilities, or other functions comparable to Apple Pay, PayPal, and Google Pay.
Comparison to China's WeChat Platform
According to 9to5Mac, X Payments is expected to mirror elements of WeChat, which has established itself as an essential digital service in China. Initially a messaging app, WeChat has expanded to include financial transactions, e-commerce, and other digital services. China's regulatory landscape, which restricts foreign social media platforms, has helped WeChat solidify its dominance in the country and beyond.
Musk's Longstanding 'Everything App' Ambition
Musk's interest in an integrated financial platform dates back to his early ventures. In the late 1990s, he co-founded X.com, an online banking service that eventually merged with PayPal. Before departing from PayPal, Musk had envisioned X.com evolving into a comprehensive financial services provider.
His acquisition of Twitter in 2022 presented an opportunity to revisit this ambition. Under Musk's leadership, the platform has undergone significant transformations, including the introduction of Grok, an AI chatbot. Despite these advancements, the payments feature remained absent until now.
The introduction of X Payments signals another major shift for the platform, aligning it more closely with Musk's vision of a multi-functional digital ecosystem. The company's recent partnership with Visa marks a strategic step toward competing with established payment services while moving closer to becoming a fully integrated social and financial hub.
