Linda Yaccarino, CEO of X, announced that users will soon be able to make investments and execute trading deals directly within the app, as part of Elon Musk's vision to transform X into an 'everything app' similar to the Chinese WeChat.
Launching the X Money digital wallet first in the United States
This move comes with a partnership between X and Visa to enable instant transfers between users and link the wallet to their bank accounts and credit/debit cards (ft.com). This wallet is expected to facilitate bill payments, money transfers, and instant receipts within the platform.
Considering the launch of a credit or debit card specifically for X
The report revealed that X is exploring the issuance of branded credit or debit cards, which complements the financial services ecosystem within the app and enhances user retention within a single environment without the need to switch between multiple applications.
The potentials of integrating digital currencies and regulatory challenges
Although the integration of digital currencies has not yet been officially confirmed, several articles anticipate X's future support for digital assets, inspired by Musk's pro-crypto and Bitcoin tendencies.
However, this step may face stringent regulatory hurdles associated with 'Know Your Customer' (KYC) requirements and anti-money laundering standards.