In an audio of the meeting obtained by The Verge, Elon Musk said: “When I say payment, I mean someone’s entire financial life. If there is money involved. It will be on our platform. Money or securities or anything. So, it’s not just like sending $20 to my friend. I’m talking, like, you won’t need a bank account.
ex ceo Linda Yaccarino It also said the company sees it as a “perfect opportunity” in 2024. “It would blow my mind if we didn’t implement this by the end of next year,” Musk said.
How X plans to turn it into a financial app
Currently, the company is working on getting money transmission licenses approved across the US. These licenses will help X provide financial services. Musk also hopes that his employees will get other required licenses in the “next few months”.
Earlier, Musk discussed his plans to turn X into a financial platform. To make this a reality, they even renamed Twitter after their previous online bank, X.com, which eventually became part of PayPal.,
Musk previously said the platform would offer high-yield money market accounts, debit cards, checking and loan services. Their goal is to allow users to “send money instantly and in real-time to anywhere in the world.”
Musk said: “The X/PayPal product roadmap was written by me david sax Actually in July 2000. And for some reason PayPal, once it became EBAY, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy. So PayPal is actually a less perfect product than what we came up with 23 years ago in July 2000.
The plan is also a part of Musk’s goal to turn X into an “everything app” like other super apps. For example, WeChat Users in China are provided access to shopping, transportation, and more.
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