Elon Musk‘s ambitious vision for X, formerly known as Twitter, is rapidly taking shape. Since acquiring the platform for a staggering $44 billion in 2022, the tech mogul has been vocal about transforming it into an “everything app.” Recent developments suggest this goal is drawing closer to reality.
A key component of Musk’s plan is the integration of payment services. This could potentially revolutionize how users interact with the platform and provide a significant new revenue stream. Hints of an imminent launch have emerged from app researcher Nima Owji, who spotted a new “Payments” button on the X navigation bar. Coupled with references to “transactions, balance, and transfer” within the app’s code, speculation is rife that the rollout of X payments could be just around the corner.
X CEO Linda Yaccarino has also fueled excitement about the platform’s future. During an all-hands meeting, she highlighted X payments and shopping features as key areas of focus, alongside a shift towards video content. These developments underscore the platform’s evolution from a mere social media site to a comprehensive digital ecosystem.
The potential implications of X payments extend beyond user convenience. The cryptocurrency market, particularly Dogecoin, has often reacted positively to Musk’s Twitter-related activities. Given the billionaire’s affinity for the meme coin, there is speculation that it could play a role in the X payment system. While not confirmed, such a development could send Dogecoin’s price soaring.
Musk’s timeline for the launch of X payments aligns with comments made to Ark Invest CEO Cathie Wood in December 2023. He indicated that the company was awaiting final transmitter licenses and expected to launch the feature in mid-2024. With licenses secured for 33 states, including California, the countdown to the full rollout may indeed be underway.
The realization of Musk’s vision for X has the potential to disrupt the tech industry. If successful, X could become a formidable competitor to established payment platforms and e-commerce giants. The journey to becoming an “everything app” is undoubtedly fraught with challenges, but the recent progress suggests that Musk is determined to make it a reality. As the platform continues to evolve, the world will be watching closely.
