Elon Musk's X Accelerates Financial Technology Changes with Payment and Transaction Plans

X (previously known as Twitter) is intensifying efforts to integrate financial services directly into its ecosystem and expand operations beyond social media, the Financial Times reported on June 19. According to the report, the social media giant is preparing to allow users to perform multiple financial transactions within the app. This includes daily payments such as purchasing food or tipping content creators, as well as more advanced tools for investing and transferring digital currency. CEO X, Linda Yaccarino also confirmed that the company is exploring the possibility of launching a branded debit or credit card by the end of this year. Yaccarino, who took over as CEO in 2023 after Elon Musk acquired the social media platform, has overseen a rapid transformation phase. Under her leadership, X has added features such as AI tools, live video, audio calls, and XChat coming soon, an upgraded messaging system with encrypted communication and disappearing messages. These changes have helped drive interaction, with usage figures trending upward in recent quarters. "Everything App" These moves are part of a larger strategy to develop X into an "everything app," reflecting Musk's long-term vision of integrating social media, entertainment, payments, and commerce under a single platform. Meanwhile, new financial features are expected to be built on previous initiatives such as X Money and the peer-to-peer payment system. Notably, the platform owned by Musk has collaborated with Visa to develop X Money Account, a digital wallet that supports money transfers and peer-to-peer payments. X has obtained a money transfer license in more than 4 states of the United States and is registered with FinCEN to support its growing fintech team. These regulatory moves give the green light for the company to provide a wide range of financial services across major jurisdictions legally. Integrating Electronic Currency? Despite this progress, it remains unclear whether trading digital assets is included in the services offered by the platform. It is truly surprising that Musk continuously expresses interest in cryptocurrency and some of his companies, such as Tesla, hold Bitcoin on their balance sheets. However, his social media platform has not yet confirmed plans to support cryptocurrency trading. There are also no signs that this platform will launch a token, although the community is increasingly speculating. However, many users still expect X to accept digital assets, considering the company's advanced technology direction and Musk's supportive attitude towards cryptocurrency.