When Elon bought Twitter for $44 billion a few years back, one of his main talking points was to transform it from a microblogging platform into a full-blown "everything app." Similar to China's WeChat, an app developed by Tencent, it would offer instant messaging, social media, mobile payments, food delivery, and more.
Over the years, Musk has put pieces together for his everything app vision, like the Grok LLM on X (which, by the way, is being trained on your X posts) and introducing calling functionality on X.
Now, X has taken another step toward this vision. The company's CEO, Linda Yaccarino, recently announced its upcoming X Money product, which will partner with Visa to provide a solution for peer-to-peer payments built on Visa Direct. According to its bio on X, X Money is set to launch in 2025. Here's the post she made on X:
Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.
— Linda Yaccarino (@lindayaX) January 28, 2025
💰Allows for secure + instant funding to your X Wallet via Visa Direct
🪪 Connects to your debit card allowing P2P payments
🏦 Option to instantly…
But here’s the thing. This isn’t exactly the first time we've heard of X as a future financial service provider. Right after Musk took over Twitter, a recording from a meeting revealed his ambitions for X to replace banking apps and become the go-to platform for anything related to finances. Here’s what he said:
When I say payments, I actually mean someone’s entire financial life. If it involves money, it will be on our platform, whether that’s money, securities, or whatever. So, it’s not just like, ‘Send $20 to my friend.’ I’m talking about, like, you won’t need a bank account.
You heard the man. X doesn’t want to be a CashApp or Venmo competitor. It is aiming to be more like Chase. X Money appears to be the first step toward that goal.
What are your thoughts on this development? Will you be putting your money on X Money when it eventually launches?
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