Elon Musk, CEO of Tesla and SpaceX, is set to revolutionize traditional finance with the introduction of X Payments, aiming to replace conventional banks.
The initiative seeks to turn X into an all-encompassing application, similar to China's WeChat, integrating messaging, social networking, mobile payments, and online shopping.
Musk envisions X Payments as a comprehensive financial solution, allowing users to manage payments, savings, and investments directly from their mobile devices.
“Imagine a world without outdated banking systems. X Payments will be the only financial tool you need,” Musk stated.
The service will initially operate within the X platform and may incorporate Dogecoin as a payment method.
The official launch is anticipated in mid-2024, as Musk revealed to Cathie Wood, CEO of Ark Invest.
Recently, X Payments LLC secured money transmission licenses in Illinois, New Mexico, and Oregon, bringing the total to 22 states where it is authorized to operate, according to NMLS Consumer Access data.
Registered as a money services business with the Financial Crimes Enforcement Network, X Payments aims to compete with established players like PayPal.