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:

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!”

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.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.