Jack Dorsey Reveals Plans for Banking and Payments in X Rebranding Memo

The process of Twitter’s rebranding to X has commenced, and CEO Linda Yaccarino has provided some fresh insights into how it might impact the company. According to a memo cited by CNBC, Yaccarino hinted that Elon Musk’s new vision could emphasize payments and banking functionalities.

“Our usage is at an all-time high, and we continue to delight our entire community with new experiences in voice, video, messaging, payments and banking – creating a global marketplace for ideas, goods, services and opportunities,” he wrote.

It has long been rumored that Musk wants to bring banking features to Twitter. In January, the Financial Times reported that he wanted to “offer fintech services such as peer-to-peer transactions, savings accounts and debit cards” to users, as well as other drinking and shopping features. The newspaper said the company had applied for the regulatory paperwork needed to offer such features in the US, but the executive overseeing the project reportedly left in February.

Yaccarino’s memo suggests that these plans have been revived, albeit lightly. Musk has previously spoken of his desire to make Twitter an “everything app,” similar to WeChat in China, where the messaging app is central to users’ daily activities.

Overall, Yaccarino’s memo is particularly vague. He said X “will go even further to transform the global city square,” citing recent updates the company has made to creator monetization and long-form content. “A lot of companies say they want to move fast — but we enjoy moving at the speed of light, and when we do, it’s X,” he wrote. “With X, we serve our entire community of users and customers by working tirelessly to preserve freedom of speech and choice, create limitless interactivity, and create a marketplace that enables financial success for all its participants.”