Elon Musk has presently been working on a payments service called the X Money that will work as the central financial hub for transactions within the X ecosystem. In a significant update, the internal beta testing of X Money within Musk’s companies has been completed with the external beta testing slated to begin in the next two-to-three weeks.
This Wednesday, Musk addressed his teams during an internal xAI all-hands presentation, where he shared some details about his intentions with X Money.
“This is really intended to be the place where all the money is the the central source of of all monetary transactions. So it’s really going to be a gamechanger,” the billionaire chief of Tesla said during his speech.
The launch of X Money will be part of Musk’s vision to transform X into an “everything app”. The tech mogul, since having acquired X from Jack Dorsey in 2023, has been trying to expand the platform’s service offerings. From launching Spaces to integrating the Grok chatbot with the platform — X has undergone a major revamp in recent years.
“It’s just that most people only occasionally come to the X app when there’s some major world event. But as we give people more reasons to use the the X app whether it’s for communications for Grok or for X money whatever the case may be,” he noted.
For now, it remains unclear if X Money will support crypto transactions. More details on the platform remain awaited for now.
On a lighter note, Musk defined his vision for X was to provide users with enough features to make it possible for them to live their life on the app.
“We want to give people reasons compelling reasons to use the app every day and have my expectation is well over a billion daily active users,” the billionaire noted.
Musk has furthermore claimed that the X app has over a billion installations as well as monthly userbase of 600 million.