Elon Musk , owner of social media platform X, confirmed that a beta version of X Money will be released soon, allowing X users to transact digital payments. There was much user speculation as to when X Money would be released. Musk is well known as the CEO of both Tesla and SpaceX. The digital payments launch complements Musk’s vision of turning X, formerly Twitter, into an ‘everything app’, hosting all sorts of digital services, including financial apps, alongside the original social media platform. An insider revealed that X was on the verge of releasing the X Money feature, which would allow payment transactions and banking tools. Musk confirmed the release of X Money, with the caveat that the new feature will have a limited beta rollout and will be released slowly because customer savings need to be taken. The release date is not yet known, but is suspected to be sometime in 2025. The payment services will most likely include Bitcoin and Visa, but crypto adherents believe we could also see an XRP and Dogecoin debut. Facebook Marketplace has provided financial services for some time, allowing users to buy and sell items from within the app. X Money is not the first social media platform to entertain the idea of embedding financial services. TikTok also has a rewards program for creators to earn money from creating videos. X Money, however, plans on making fast payments within the app, effectively replacing traditional banks. Further, Musk is often affiliated with crypto brands like Dogecoin . However, Musk had to abandon plans to allow Tesla cars to be purchased with crypto due to environmental concerns regarding proof-of-work algorithms. Visa announced earlier this year that they were the first payment service to collaborate with X Money. Visa users can send money directly to X Money from their accounts. X Money, however, has got competition, especially from Asian markets. WeChat, for example, already integrates payments into its social media app. Linda Yaccarino, X’s CEO, stated that X Money would most likely be released later in the year and include peer-to-peer functionality for Visa holders. X users would be able to send payments to other X users with ease. Musk has been talking about an ‘everything app’ for some time now. However, whether Musk will enable cryptocurrencies like XRP and Dogecoin on X Money. Musk has promoted Dogecoin and invested in a Bitcoin treasury with his company, Tesla . Trump tapped Musk to advise a government department called DOGE, which was an apparent reference to Dogecoin. Since Musk bought Twitter in 2022 and rebranded it as X, there has been speculation that he would convert it into a crypto payment app. Elizabeth Warren, a Democratic Senator, has a more critical take on Musk’s X Money, suggesting that Musk is seeking to collect people’s financial data to make up for losing so much money on X. Warren also sees Musk as colluding with Trump to enrich himself and his company. Musk bought Twitter for $44 billion and immediately indicated he wished to transform the troubled social media platform into X, an everything app. Linda Yaccarino, X’s CEO, announced at the time that X would include multiple media formats, banking services, and unlimited interactivity. There has always been speculation that X would consist of Bitcoin transactions. However, X Money was expected to be launched in mid-2024, but this has been further delayed. However, Musk suggests that extra care had to be taken when dealing with users’ savings. President Trump took office in January and appointed Musk as the head of the DOGE department. The increased interaction between Musk and Trump may further empower X Money to endorse cryptocurrencies, including Bitcoin, XRP, and Dogecoin.
