X (formerly known as Twitter) is ramping up efforts to integrate financial services directly into its ecosystem and expand operations beyond social media, the Financial Times reported on June 19.
According to reports, the social media giant is preparing to allow users to perform various financial transactions within the app. This includes daily payments such as buying groceries or tipping content creators, as well as more advanced tools for investing and transferring digital money.
X's CEO, Linda Yaccarino, also confirmed that the company is exploring the possibility of launching a debit or credit card branded with this by the end of the year.
Yaccarino, who took over in 2023 after Elon Musk acquired the social media platform, has overseen a rapid transformation.
Under her leadership, X has added features such as AI tools, live video, audio calls, and the upcoming XChat, an upgraded messaging system with encrypted communication and disappearing messages.
These changes have helped drive engagement, with usage metrics trending upward in recent quarters.
"Everything App"
These moves are part of a broader strategy to develop X into an "everything app," reflecting Musk's long-term vision of integrating social media, entertainment, payments, and commerce under a single platform.
Meanwhile, new financial features are expected to build on previous initiatives such as X Money and the peer-to-peer payment system.
Notably, the platform owned by Musk has partnered with Visa to develop X Money Account, a digital wallet that supports money transfers and peer-to-peer payments.
X has obtained money transfer licenses in over 4 states in the U.S. and is registered with FinCEN to support its growing fintech team. These regulatory moves greenlight the company to offer a range of financial services across major jurisdictions legally.
Cryptocurrency Integration?
Despite this progress, it remains unclear whether digital asset trading will be part of the platform's offerings.
This is surprising considering Musk has consistently expressed interest in cryptocurrency and some of his companies, like Tesla, hold Bitcoin on their balance sheets.
However, his social media platform has yet to confirm plans to support cryptocurrency transactions. There are also no signs that the platform will launch a token, although the community is increasingly speculating.
However, many users still expect X to embrace digital assets, given the company's advanced technology orientation and Musk's pro-cryptocurrency stance.