Elon Musk says X payments will eliminate need for bank account by end of 2024 Mike Dalton · 4 months ago · 2 min read
Musk said the app will handle money and securities but made no mention of crypto.
Mike Dalton
Oct. 29, 2023 at 3:00 am UTC
2 min read
Updated: Oct. 28, 2023 at 11:23 pm UTC
NORAD and USNORTHCOM Public Affairs / Public Domain
Twitter/X owner Elon Musk revealed new details of his planned payment services during an all-hands staff meeting, as reported by The Verge on Oct. 26.
Musk said the new feature will cover almost all areas of finance, stating:
“When I say payments, I actually mean someone’s entire financial life. If it involves money, It’ll be on our platform. 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.”
Though Musk suggested that X will cover almost all areas of finance, he did not state that it will integrate new cryptocurrency features. However, the app already includes certain crypto features, such as Bitcoin and Ethereum tipping and NFT profile picture support.
Musk otherwise said that the company is waiting on approvals for its payment features and said that this process should be complete in the coming months. X secured money services licenses in various U.S. states this summer, including in July and August. The company has obtained licenses in nine states, according to current data.
Executives suggested that payment features will arrive in 2024. X CEO Linda Yaccarono suggested that the feature will become a “full opportunity” by that time, while Musk said that it would “blow [his] mind” if it is not introduced by the end of next year.
Musk has greater ambitions for X
Elsewhere on the call, Musk noted that his company is “rapidly transforming” what was once Twitter into an everything app. He said that he intends for X to surpass China’s WeChat app. That app similarly includes payment and other features alongside its social media network but does not have an equivalent outside of China.
Musk also said that X sees “monster numbers” regarding usage, including 500 million posts and 100 billion impressions per day. He also said expects creator payouts to “increase significantly” and said that creator numbers have already increased ten-fold.
Musk wants to expand X’s social features to include job recruitment and dating and extend X’s video features by integrating the app with TVs. He praised the platform’s community fact-checking system, introduced in early October.
The call took place on Oct. 26, 2023, roughly marking the first anniversary of Musk’s acquisition of Twitter in 2022. Musk rebranded Twitter to X in July 2023.
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Posted In: US, Payments, Wallets
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Mike Dalton Journalist at CryptoSlate Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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FAQs
Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”
How is X doing in 2024? ›
So far in 2024, there have been over 59 billion searches on X around the world – Back in 2016, Twitter was reportedly facilitating 2.1 billion searches per day, and given that 77 days have passed in 2024, that would mean that X is seeing far less search activity than it had been.
Will X become a bank? ›
Elon Musk plans to roll out financial services on X by 2024. Elon Musk, who owns X (formerly Twitter), gave a hint on Thursday that the platform will bring features of managing financial services and will be available by the end of 2024.
What are X payments? ›
X-Payments is a headless payments API aggregator that allows access to ready-made integrations with various payment providers and systems, fraud screening apps and other integrations and features through a single API.
How is X doing financially? ›
According to Fidelity, the market value of X has likely fallen about 70% since Elon Musk bought it. When Elon Musk is asked about the future of X, the media brand once known as Twitter that he bought for $44 billion in 2022, he offers a web of tantalizing possibilities.
Who is the CEO of Tesla Inc. as of 2024? ›
Elon Musk co-founded and leads Tesla, SpaceX, Neuralink and The Boring Company.
Is Twitter profitable in 2024? ›
X CEO Linda Yaccarino said Wednesday the social media platform formerly known as Twitter will be profitable by early 2024, claiming most top advertisers had returned after ditching the platform following Elon Musk's takeover last year.
Where does Elon Musk keep his money? ›
What makes up Musk's net worth. Musk lacks significant tranches of cash; his money is largely tied up in ownership stakes of his companies. To buy Twitter in 2022, he leveraged his large share in Tesla and solicited investors, rather than relying on liquid sums.
Will we have banks in the future? ›
The future of banking will look very different from today. Faced with changing consumer expectations, emerging technologies, and new business models, banks will need to start putting strategies in place now to help them prepare for banking in 2030. Explore eight key trends below that are changing the banking landscape.
Who owns PayPal? ›
Established in 1998 as Confinity, PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion.
Maintain at least 500 active followers or more. Have posted posts in the past 30 days.
How to get Twitter payout? ›
Twitter Monetization Plan Requirements:
- Account must be verified or subscribed to Twitter Blue.
- The user must have a minimum of 5 million tweet impressions in the last three months.
- The user must maintain 500 active followers or more.
Afterpay is a “buy now, pay later” (BNPL) lender that lets you purchase items from merchants today and pay for them over six weeks. BNPL payment plans often charge no interest, so they're essentially free loans as long as you pay on time to avoid late fees.
What is Elon Musk's debt? ›
A bank group spearheaded by Morgan Stanley held discussions with Elon Musk and his team about refinancing a roughly $12.5 billion debt package that supported the tech billionaire's take-private of the social media platform X, according to people with knowledge of the matter.
How much money does Elon Musk have? ›
How many companies does Elon Musk own? ›
Elon Musk cofounded six companies, including electric car maker Tesla, rocket producer SpaceX and tunneling startup Boring Company. He owns about 12% of Tesla excluding options, but has pledged more than half his shares as collateral for personal loans of up to $3.5 billion.
What is Elon Musk's net worth today? ›
Is Twitter usage declining? ›
US monthly users will fall another 8.3% in 2024 to 50.5 million, the lowest level the platform has reached since 2014, as more marginal users stop using a platform that is likely to grow slower, more unstable, and less pleasant due to staffing cuts in infrastructure and content moderation.
How to study Elon Musk? ›
Read widely and deeply. Musk is a voracious reader, and he has said that he learned most of what he knows from books. He reads books on a variety of topics, including physics, engineering, economics, and business. Learn from experts.
What is the average age of Twitter users? ›
Twitter is used mainly by younger people, especially those aged 18 to 34, with the largest group being 25 to 34-year-olds. They use Twitter for news, entertainment, and connecting with others.
Elon Musk says X payments will eliminate need for bank account by end of 2024 Mike Dalton · 4 months ago · 2 min read 
