Certainly, it no longer surprises us that Elon Musk is so fixated on turning what is now X (formerly Twitter) into a “super app” for everything. Now, thanks to The Verge, we know that Musk intends for the mentioned social network to replace the role of banking and financial apps within a year.
In fact, the owner of X intends for his most recent acquisition to potentially replace traditional banks. This is demonstrated by a recording obtained by The Verge, making it very clear that he wants X to become the centerpiece of our financial world. In other words, the idea is that all kinds of transactions can be carried out from the mentioned app without leaving it.
X is getting closer and closer to being the “super app” for everything that Musk wants
“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 it is. So, it’s not just sending $20 to my friend. I’m talking about not needing a bank account,” this would be the highlighted excerpt from the mentioned recording that the previously cited medium would have had access to. In fact, as we were saying, Elon Musk aims to bring all of these functions to X next year, specifically by the end of 2024.
Additionally, it seems that Linda Yaccarino, CEO of X, supports Musk’s idea and believes it’s a great opportunity for the mentioned social network. She also talks about implementing it in the coming year. It’s worth mentioning that earlier this year, X obtained money transmitter or currency licenses in 7 states in the United States.
All of this didn’t start just now, as it’s always good to remember that Elon Musk, along with others, created PayPal about two decades ago (originally named X as well). Later, it was sold at a very high price. However, it seems that now the South African magnate seeks redemption and plans to follow the same principles that were set for PayPal at the time, but this time to do the same with X and thus overcome its aforementioned rival.
“The product roadmap for X/PayPal was written by David Sacks and me in July 2000. And for some reason, PayPal, once it became part of eBay, not only didn’t implement the rest of the list but actually reversed a bunch of key features, which is insane. So, PayPal is actually a less complete product than what we came up with in July 2000, that is, 23 years ago,” Musk himself said.
