Twitter/X proprietor Elon Musk revealed new particulars of his deliberate cost companies throughout an all-hands employees assembly, as reported by The Verge on Oct. 26.

Musk stated the brand new function will cowl nearly all areas of finance, stating:

“Once I say funds, I really imply somebody’s complete monetary life. If it entails cash, It’ll be on our platform. Cash or securities or no matter. So, it’s not identical to ship $20 to my buddy. I’m speaking about, like, you received’t want a checking account.”

Although Musk advised that X will cowl nearly all areas of finance, he didn’t state that it’ll combine new cryptocurrency options. Nevertheless, the app already contains sure crypto options, resembling Bitcoin and Ethereum tipping and NFT profile image assist.

Musk in any other case stated that the corporate is ready on approvals for its cost options and stated that this course of needs to be full within the coming months. X secured cash companies licenses in varied U.S. states this summer time, together with in July and August. The corporate has obtained licenses in 9 states, in line with present information.

Executives advised that cost options will arrive in 2024. X CEO Linda Yaccarono advised that the function will develop into a “full alternative” by that point, whereas Musk stated that it will “blow [his] thoughts” if it’s not launched by the tip of subsequent 12 months.

Musk has larger ambitions for X

Elsewhere on the decision, Musk famous that his firm is “quickly reworking” what was as soon as Twitter into an all the things app. He stated that he intends for X to surpass China’s WeChat app. That app equally contains cost and different options alongside its social media community however doesn’t have an equal exterior of China.

Musk additionally stated that X sees “monster numbers” relating to utilization, together with 500 million posts and 100 billion impressions per day. He additionally stated expects creator payouts to “improve considerably” and stated that creator numbers have already elevated ten-fold.

Musk needs to increase X’s social options to incorporate job recruitment and courting and prolong X’s video options by integrating the app with TVs. He praised the platform’s group fact-checking system, launched in early October.

The decision passed off on Oct. 26, 2023, roughly marking the primary anniversary of Musk’s acquisition of Twitter in 2022. Musk rebranded Twitter to X in July 2023.