Elon Musk Provides Timeline For X Payments Service• December 22, 2023 11:59 am • Comments
Things continue to get more exciting on Elon Musk’s X.
The world’s only free-speech centralized social media platform is getting a makeover next year and will begin to act as a payment processor—just like China’s WeChat App that Musk has long sought to emulate.
Currently, there is no WeChat option available for people in the U.S. We have separate apps like Venmo and FaceBook Marketplace separate from our social media apps.
X users will be able to send money back and forth on the app and ultimately send the money back to their bank accounts.
Many believe that this will revolutionize the content-creator economy on X, which Elon Musk has remarked that he wants to change into a ‘brain’ and ‘financial’ platform distinct from the other social media options.
Musk says that his team is just waiting on a few final approvals and licenses before X is turned into a full-fledged payments processor and social media hub. Here’s what he and others had to say:
Elon Musk on X payments with @CathieDWood
“We are just waiting for final approvals to come through for the money transmitter licenses…a majority of the states have approved us”@elonmusk said X will get approvals by early 2024. Payments expected to roll out by mid-next year pic.twitter.com/aZ0qEh9nkx
— Doge Whisperer 🐕 (@TDogewhisperer) December 22, 2023
Breaking: “X payments launching mid 2024” – Elon Musk on Space earlier
— MartyParty (@martypartymusic) December 22, 2023
However, Coin Telegraph explained:
Many crypto enthusiasts hoped that Musk might integrate one of his preferred cryptocurrencies — including Dogecoin and Bitcoin
as part of the X payments system.
However, the Tesla CEO has never confirmed this and appears to have put a further damper on crypto-related enthusiasm after revealing he spends “hardly any” time thinking about digital assets.
Full-time trader Varian commented: “Elon Musk’s X Payments could revolutionize social media monetization. Data suggests a potential shift in the creator economy with long-form posts, Spaces, and e-books. Regulatory hurdles in NY & California could influence X Payments’ widespread adoption. Exciting prospects!”
Elon Musk's X Payments could revolutionize social media monetization. Data suggests a potential shift in the creator economy with long-form posts, Spaces, and e-books. Regulatory hurdles in NY & California could influence X Payments' widespread adoption. Exciting prospects! https://t.co/csk3FrjYbk
— Varian (@APDST2017) December 22, 2023
💬 Elon Musk announced a mid-2024 launch of X's payment services.
• X is set to introduce in-app payments, as per the billionaire's recent discussion with @CathieDWood of ARK Invest
• Musk also downplayed #crypto integration and focused on traditional payment services pic.twitter.com/n7iOqxoUGW
— CryptoPotato Official (@Crypto_Potato) December 22, 2023
Market Watch provided this statement from Musk:
“We want to create a group mind or collective consciousness where each person is reporting information to the system, and giving their opinion.
Think of it as a giant brain,” Musk said in a wide-ranging, 100-minute interview with Cathie Wood, chief executive of investment-management firm ARK Invest, on X’s Spaces app Thursday.
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