X Accelerates Fintech Pivot With In-App Payments

X, formerly known as Twitter, is accelerating its efforts to integrate financial services directly into its ecosystem, moving beyond its traditional role as a social networking platform. The company is preparing to allow users to conduct a wide range of financial transactions within the app, including day-to-day payments such as buying food or tipping content creators, as well as more advanced tools for investing and digital fund transfers.

X CEO Linda Yaccarino confirmed that the company is exploring the launch of a branded debit or credit card by the end of the year. Under Yaccarino's leadership, X has undergone rapid transformation, adding 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.

These moves are part of a broader strategy to evolve X into an “everything app,” combining social media, entertainment, payments, and commerce under a single platform. The new financial features are expected to build upon earlier initiatives like X Money and a peer-to-peer payments system. Notably, the 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, giving the company a green light to offer many types of financial services across major jurisdictions legally.

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.

In summary, X is accelerating its fintech pivot with plans for in-app payments and trading, aiming to become an “everything app” that combines social media, entertainment, payments, and commerce. The company has obtained the necessary regulatory approvals and is exploring the launch of a branded debit or credit card. However, the integration of digital asset transactions remains uncertain, despite Musk's interest in crypto and the platform's tech-forward direction.