X owner Elon Musk is attempting to create a future in which X users can use the platform for their entire financial lives, according to a report from The Verge.
Musk told employees in a meeting Thursday that the plan is to roll out the feature in 2024, said The Verge’s report, which also quoted CEO Linda Yaccarino as saying that it is a “full opportunity” in the next calendar year.
“When I say payments, I actually mean someone’s entire financial life,” Musk said in the meeting, according to The Verge’s article, citing audio it obtained. “If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
X is working on securing money transmission licenses across the U.S., The Verge reported. The company already has licenses for money transmission or money services in nine states, according to the Nationwide Mortgage Licensing System.
Musk’s desire to expand X’s financial component falls in line with his previously laid-out ambition to make X “the everything app,” announced when he rebranded the platform in July.