X Plans Financial Services Integration for 600 Million Users

Elon Musk’s social media platform, X, is planning to integrate a variety of financial services, enabling users to conduct payments and investments directly within the app. According to X CEO Linda Yaccarino, the platform’s estimated 600 million users will eventually be able to manage various financial transactions on the platform, from sending money to managing investments. The company is also exploring the launch of an X-branded credit or debit card, which could be introduced later this year.

X’s venture into financial services aligns with Musk’s previous confirmation of beta testing for the X Money payment and banking app. In response to a social media post, Musk emphasized the importance of extreme caution during the pilot phase, given the involvement of people’s savings. The official X Money account has hinted at a 2025 launch for the payment app, which Yaccarino described as a “whole commerce ecosystem and a financial ecosystem” that will initially launch in the US.

Despite Musk’s well-known support for Dogecoin, neither Yaccarino nor Musk has confirmed whether crypto payments will be part of X’s financial ecosystem. In March 2024, Musk mentioned that Dogecoin could be used to buy Teslas at some point, though he did not provide a specific timeline. This statement was interpreted by crypto users as a potential sign that Musk could soon roll out crypto payment support across all his companies. However, X has remained silent on the integration of crypto payments, while other companies are advancing with digital asset payment solutions.

As X prepares to roll out these financial features, it must navigate a myriad of regulations governing financial transactions and data privacy. The platform’s transformation into a full-fledged financial and social ecosystem is part of Musk’s broader vision to create a “super app” that can handle a wide range of user needs. This move is expected to enhance X’s capabilities and attract more users, further solidifying its position in the competitive social media landscape.