From electric cars to outer space and online platforms, Elon Musk’s next big move is into your personal finances. The move comes as part of efforts to realise Musk’s vision for a “super app” akin to China’s WeChat. The option will be integrated with the X itself. Musk plans to introduce investment and trading features on X as part of his vision. Musk aims to build a comprehensive financial ecosystem that allows users to carry out money transactions without leaving the platform. A super app is also called an “everything app” by Musk. It is like a Swiss army knife for your phone. It brings many services together in one app- like chatting, social media, making payments, and online shopping.
What All Services Will Be Available And When?
Through this service, users will be able to shop, tip, store money, and more, without ever leaving the social media platform. The feature is expected to roll out later this year. Branded credit and debit cards will also be introduced for users. The initiative will launch first in the U.S., followed by a global rollout. The India launch is expected about a year later.
How Will It Impact Your Wallet?
Digital wallets can make spending easier and may lead to impulse purchases due to the smooth and quick payment process. If digital payments are integrated into X, users are more likely to shop and spend money while using the social media platform, just a click away. To avoid overspending, proper management and tracking of expenses will be essential.
X Money
Visa is the first company to join as a payments partner for the new service. The service is called X Money. It will have a digital wallet and let users send money to each other. People can use it to buy things, keep money, and give money to content creators- all without leaving the app.
“You will be able to go on X and conduct all your financial transactions on the platform,” X CEO Linda Yaccarino was quoted as saying at the Cannes Lions International Festival of Creativity. She described the effort as the foundation of “a whole commercial and financial ecosystem that doesn’t exist today.”
Challenges For Musk
However, there are a few challenges for Musk with the new rollout. Government rules and checks could create big problems for Musk’s plans. This includes getting proper licenses and making sure the system is not used for money laundering.
Twitter To X
In April 2022, Musk bought Twitter for $44 billion and later changed its name to X. He now wants to turn X into a “super app” like WeChat in China. This means the app would offer many services in one place- like chatting, payments, shopping, and more- similar to what Indians do across multiple apps like WhatsApp, Paytm, Amazon, and Instagram. The company is poised for its first year of ad revenue growth this year since its acquisition by Musk, according to data from research firm Emarketer in March.
X CEO Linda Yaccarino had said that 96% of X’s ad clients prior to the acquisition had now come back to the platform, the Financial Times report said.
