Elon Musk’s X accelerates fintech pivot with plans for in-app payments and trading

X (formerly known as Twitter) is ramping up efforts to integrate financial services directly into its ecosystem and moving beyond its roots in social networking, the Financial Times reported on June 19.

According to the report, the social media giant is preparing to let users carry out a wide range of financial transactions within the app. This includes day-to-day payments like buying food or tipping content creators, as well as more advanced tools for investing and digital fund transfers.

X CEO Linda Yaccarino also confirmed that the company is exploring the launch of a branded debit or credit card by the end of the year.

Yaccarino, who took the helm in 2023 after Elon Musk acquired the social media platform, has overseen a period of rapid transformation.

Under her leadership, X has added capabilities such as AI tools, live video, audio calls, and the soon-to-launch XChat, an upgraded messaging system with encrypted communication and disappearing messages.

These changes have helped boost engagement, with usage metrics trending upward in recent quarters.

“Everything App”

These moves are part of a broader strategy to evolve X into an “everything app,” echoing Musk’s long-held vision of combining social media, entertainment, payments, and commerce under a single platform.

Meanwhile, the new financial features are expected to build upon earlier initiatives like X Money and a peer-to-peer payments system.

Notably, the Musk-owned platform has partnered with Visa to develop the X Money Account, a digital wallet that supports fund transfers and peer-to-peer payments.

X has obtained money transmitter licenses in over 4 US states and is registered with FinCEN to support its growing fintech stack. These regulatory moves give the company a green light to offer many types of financial services across major jurisdictions legally.

Crypto integration?

Despite this progress, it is unclear whether digital asset transactions will be part of the platform’s offerings.

This is surprising considering Musk has consistently expressed interest in crypto and some of his companies, like Tesla, hold Bitcoin on their balance sheets.

However, his social media platform has not confirmed plans to support crypto transactions. There is also no indication that the platform will launch a token, despite increased speculation from the community.

Still, many users expect X to embrace digital assets, given its tech-forward direction and Musk’s pro-crypto disposition.

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