Musk advances "super app" vision: Early testing of X digital payment system to begin next month

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On Tuesday, Musk announced that the digital payment system X Money of social media platform X will enter early public testing next month. Musk is pushing to turn the platform into an “everything app.”

This move comes as Musk seeks to leverage the platform’s massive user base, as well as the growing trends in digital payments and in-app financial transactions, to open up new revenue streams for X.

Last year, X partnered with payment company Visa to help provide direct payment services to the social media platform’s users.

Since acquiring the platform, then known as Twitter, for $44 billion in 2022, Musk has repeatedly proposed turning it into a “super app,” aiming to offer multiple functions such as streaming, messaging, photos, videos, and payments all on the same platform, with the goal of making X a one-stop platform similar to WeChat.

WallStreetCN article mentioned that senior executives at X previously described the grand vision for X’s financial services:

A complete commercial and financial ecosystem will emerge on the platform.

You will be able to conduct your entire financial life’s transactions on X. Whether it’s paying for the pizza you ate together last night, or investing or trading, this is the future.

X Money will launch first in the United States, and then expand to other regions. The service will allow users to purchase goods, store value, or tip platform creators.

Industry experts have previously pointed out that large-scale entry into financial services will pose heavy regulatory challenges for X, including compliance with licensing requirements and anti-money laundering regulations.

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