X under Elon Musk is ready to aim to be a one-stop app for various things. In parallel, previously, X has begun to obtain financial licenses in several cities in the United States to offer digital wallet and financial transfer features. The feature has not yet been launched yet.
Not only that, now there are reports that X will also add investment and trading features to the social media app. This move is seen to make X one of the financial apps, and compete with others. However, the feature may be limited to the US market for the beginning, since each country has different financial license requirements.
In addition, sharing this matter with the FinancialTimes, X is also said to offer credit and debit cards as early as this year.
In addition to facilitating payments between users (like PayPal), X through X Money is also expected to make it easier to buy goods, or tip a content publisher.
This move is also expected to offer X another different form of income, and not rely entirely on advertising-based income.