Elon Musk's X to get payments features next year; says 'you won’t need a bank account'
Elon Musk said that X will soon get financial services on the platform, including payments-related features. He said that company employees won’t even need a bank account.
X (formerly Twitter) is going to get financial features in 2024, and they will include payment-related features too. And the company owner Elon Musk believes that they are so powerful that no one willeven require a bank account anymore. He made this big revelation at the company's first joint all-hands meeting alongside CEO Linda Yaccarino. This comes after Yaccarino openly shared the vision of turning X into a super app. The financial features might be the first real step towards that, as the platform moves away from the social media space.
“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,” Musk said, according to audio of the meeting obtained by The Verge.
Elon Musk reveals financial features for X
At the all-hands meeting, Yaccarino also affirmed Musk's claims, adding that the company envisions this turning into a “full opportunity” in 2024. In fact, Musk is so sure of rolling it out soon that he exclaimed, “It would blow my mind if we don't have that rolled out by the end of next year”, said the report.
While details of the nature of these features are not known, it is no secret that he was the cofounder of PayPal (earlier named X.com), before its acquisition by eBay in 2002 for $1.5 billion. He had played an important role in building up the payments app, and made it very popular in its early days. So, we may see similar features in X next year. In fact, Musk talked about it during the meeting as well.
As per The Verge, Musk said, “The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000…And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago”.