Elon Musk Begins Pilot Testing of X Money Among Select Users
Elon Musk unveils limited trial for X Money, a potential digital wallet and banking feature on the social media platform X. The service is set for official launch in 2025, although a select group of users are currently testing it.
X Money aims to become a comprehensive digital wallet, managing payments, transfers, and potentially banking operations. With 41 licenses to operate as a payment service in the United States already in hand, the platform is positioned to potentially challenge established services like PayPal or Venmo. However, the integration of cryptocurrency remains unconfirmed.
In a post on X, Musk described the testing phase as a very limited trial, emphasizing the importance of caution due to the nature of handling users' savings. The move is part of Musk's long-term vision to turn X into an all-encompassing super app, offering a platform for social media, video, messaging, and financial tools under one roof.
Behind the scenes, Musk's team is engaged in meeting regulatory requirements in the US. The project has faced controversy, with Senator Elizabeth Warren expressing concerns about Musk's ambitions to turn X into a money machine with access to personal financial data. Warren also accused Musk of attempting to weaken the role of consumer protection agencies.
Rumors persist about the possible integration of cryptocurrencies into X Money, given Musk's history of supporting digital currencies. While nothing has been confirmed, the integration of crypto tools into a widely-used platform like X could potentially lower the entry barrier for crypto newcomers and boost adoption.
As of now, Musk has limited the testing pool to address any issues before expanding the service. It remains uncertain whether users in countries like the Netherlands will be able to use X Money in the future, but if Musk's plans materialize, international access could be a possibility.
The limited trial for X Money, a potential digital wallet and banking feature on X, is being tested with a select group of users, positioning it to possibly compete with established services like PayPal or Venmo in the business sector. Behind the scenes, Musk's team is actively working on meeting regulatory requirements, and potential future plans include the integration of cryptocurrencies and expanding international access, which could lower the entry barrier for crypto newcomers and boost adoption.
