In audio of the meeting obtained by The Verge, Elon Musk said, “When I say payments, I mean someone's entire financial life. If it involves money. It will be on our platform. money or securities or other. So it's not like sending my friend $20. I'm talking about you not needing a bank account.
X Executive Director Linda Iacarino It also said the company sees it becoming a “full capability” in 2024. “It will blow my mind if it doesn't come out by the end of next year,” Musk added.
How X plans to transform into a financial app
The company is currently working on obtaining money transfer licenses across the US. These licenses will help X offer financial services. Musk also expects his employees to obtain the other licenses X needs “in the next few months.”
Previously, Musk discussed his plans to turn X into a financial platform. To make it a reality, he even renamed Twitter after his previous online bank, X.com, which eventually became part of PayPal..
Musk previously said the platform would offer high-yield money market accounts, debit cards, checking and loan services. Its goal is to allow users to “send money anywhere in the world instantly and in real time.”
Musk said: “The X/PayPal product roadmap written by my sister David Sachs Actually in July 2000. And somehow PayPal once became eBay, not only did they not implement the rest of the list, but they actually rolled back a lot of key features, which is crazy. So PayPal is actually a less perfect product than what we got in July of 2000, so 23 years ago.
This plan is also part of Musk's goal to turn X into an “everything app” like other super apps. For example, WeChat In China, it offers users access to shopping, transportation and more.