Elon Musk predicts X could replace banks

OX, formerly Twitter, wants to replace banks by the end of 2024. In a meeting with company employees, Elon Musk said that the platform should become “the center of people’s financial lives.”

“When I say payments, I’m actually talking about someone’s entire financial life,” Musk said in a obtained audio recording. Border. “If it involves money, it will be on our platform. Be it cash, bonds or anything else. So it’s not just about sending $20 to my friend. I say you won’t need a bank account“, added.

In a way, Musk seems focused on making X a rival of PayPal. “I would be very impressed if we don’t implement this by the end of next year,” the billionaire said.

old idea

It’s not the first time the company owner has flirted with the idea of ​​turning X into a payment platform. In November last year, the administrator mentioned in his Twitter profile the idea of ​​\u200b\u200bimplementing a kind of “bank account”, creating a kind of internal economy in the service.

In this way X can offer a variety of services, including global money transfers where amounts are moved instantly (think of it as a “global Pix”).

This proposal is also included in the process of transforming the platform into “an app for everything”. It will be a solution similar to China’s WeChat, offering shopping, transportation, finance, messaging and more mechanisms.

Long road to follow

Although Musk aims to turn X into a platform with such a wide range of uses, commitment to complementary services is by no means guaranteed. Before this, the site needs to gain the public’s trust, especially when it comes to financial services.

But the platform still needs to work on building that trust, especially given its poor track record with sudden changes. Recently, Elon Musk announced that X could be a paid website.