Elon Musk’s X to Offer Payment Services in 2021, No Bank Account Required

In 2024, X (previously known as Twitter) will introduce financial features, including payment-related options. Elon Musk, the company owner, expressed his belief that these features will be so influential that traditional bank accounts will no longer be necessary. Musk made this significant announcement during X’s inaugural all-hands meeting, which was attended by CEO Linda Yaccarino. This development aligns with Yaccarino’s vision of transforming X into a super app, and the introduction of financial features may mark the platform’s initial shift away from its social media origins.

“When I talk about payments, I’m actually talking about someone’s entire financial life. If it involves money. It will be on our platform. Money or securities or whatever. So it’s not just sending $20 to my friend. I’m talking about you not needing a bank account,” Musk said, according to a recording of the meeting obtained by The Verge.

Elon Musk reveals X’s financial capabilities

At the meeting, Yaccarino also confirmed Musk’s claims, adding that the company sees this becoming a “full possibility” in 2024. In fact, Musk is so confident of making it happen soon that he exclaimed, “It would blow my mind if we don’t get it up and running by the end of next year.” , the report says.

Although the details of the nature of these features are unknown, it is no secret that he was the founder of PayPal (formerly X.com) before it was acquired by eBay in 2002 for $1.5 billion. He had played an important role in building the payment app and made it very popular in its early days. So we might see similar features in the X next year. In fact, Musk talked about it during the meeting as well.

According to The Verge, Musk said, “The roadmap for the X/PayPal product was actually written by me and David Sacks in July 2000… And for some reason PayPal, when it became eBay, not only implemented another list. , but they actually canceled a number of key features , which is crazy, so PayPal is actually a less perfect product than the one we invented in July 2000, which is 23 years ago.