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Elon Musk has officially confirmed that X, formerly known as Twitter, is testing its payment feature, X Money, in a limited beta phase, according to reports. This update signals a significant move towards Musk’s ambitious vision of transforming the platform into a financial powerhouse.
Musk himself stressed the critical importance of caution, stating that “in handling user savings, we must maintain the highest degree of diligence.“
This development represents a crucial step in Musk’s broader strategy to create a financial “super app.” The platform has already secured money transmitter licenses in 41 U.S. states, paving the way for a wider rollout of its payment services.
Since acquiring Twitter for $44 billion in 2022, Musk has been intent on transforming the platform into a comprehensive hub for social interaction, payments, and information services. This ambition echoes the “one-stop-shop” model popularized by China’s WeChat.
Industry analysts suggest that the launch of X Money could not only enhance the platform’s ecosystem but also shake up the digital payments landscape in the U.S. As testing progresses, X inches closer to realizing its goal of becoming the “Western WeChat.” It is worth noting that Musk’s prior experience in fintech, including his pivotal role in PayPal, provides a distinct advantage in this endeavor.
Original article, Author: Tobias. If you wish to reprint this article, please indicate the source:https://aicnbc.com/1015.html
