Elon Musk announced that X Money would be coming soon

Tesla CEO Elon Mots confirmed that the X platform will soon launch a beta version of a payment service. 

Tesla Owners Silicon Valley: How to Respond account’s Musk said that X Money will launch soon. He wrote, “This is a very restricted beta at first.” Musk added on X When people’s savings [sic] Extreme care should be taken when dealing with children.” The confirmation comes after X Money. planned Launch this year, says the platform’s X-account.

X has actively worked to obtain multiple transmitter licences for X Money in the United States. At time of publication, 41 licenses had been obtained, according to a Nationwide Multi-State Licensing System report. Musk first announced his plans to integrate payment into X in October 2022 when he said that the $44 billion Twitter purchase would be “an accelerator to creating X, The Everything App.”

‘Unlimited interactivity’

Twitter is rebranding to X by 2023. According to CEO Linda Yaccarino, the social media app will feature “unlimited interactiveness,” multiple media formats and payment and banking. 

At the time many people speculated that it would support cryptocurrency like Bitcoin. The payment platform had been initially scheduled to launch by mid-2024.

Musk’s appointment as head of Department of Government Efficiency (DOGE) Workforce Optimisation Initiative, led by Donald Trump in January, gave the platform a further boost.

Some pushback

Musk, who is heavily involved in the administration of DOGE, received immediate pushback from US officials, such as US Democratic Senator Elizabeth Warren in February, when she criticised X’s payment platform plans. 

Musk has been losing money on X. He has this idea that X will become a large money platform, where he can get all of the personal financial information from everyone,” Warren said in reference to Musk’s attempts to demolish her agency, Consumer Financial Protection Bureau.

X Money will essentially act as a digital Wallet, and Visa allows users to fund these wallets with their bank account. Then, they can use the wallets like other peer-topeer apps such as Venmo, Revolut, or similar Fintech applications.

SpaceX CEO Musk’s praise of meme coin Dogecoin has led to speculation that Twitter will be used for crypto payments. But there was no mention of Dogecoin—or crypto—in January’s announcement or Musk’s latest comment.