Elon Musk has been talking about making X an everything app for a long time. After XChat, now Elon Musk's next step is to include payments feature in the app. According to reports, a new service called X Money is now nearing launch and it can integrate banking and transactions directly within the app. This is an area Musk is already familiar with, as he had an early role in creating PayPal. Now the idea is that he wants to include something similar in his social platform.
According to a Bloomberg report, X Money is expected to facilitate peer-to-peer payments (sending money from one person to another). You'll also be able to send money to someone directly through chat or through their profile, without leaving the app.
There is also mention of a debit card linked to the account. According to some reports, this could be a personalized Visa card, which may be linked to your X handle. With this, users will be able to spend money outside the app also. Another feature that is being tested is an AI assistant created by xAI. It can help you keep track of your expenses, sort your transactions, and show you where your money is going in an easy way.
Some early testers have also reported cashback of up to 3 percent on certain payments and a savings interest rate of around 6 percent. However, it is not clear whether these benefits will last long or are just part of the initial rollout.
It is being said that X Money is going to be available to the general public soon, but there is no fixed launch date yet. It has taken more time than expected to launch, the main reason for which is the delay in getting approval. To operate payment services in the US, X requires licenses in various states. Some of these licenses are still pending, such as in states like New York, which has slowed down the pace of work. For this reason, it may not launch in all locations at the same time. It may start with limited access to a few people and then gradually expand it.
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