Elon Musk's X Plans: Payments Network for a 'Everything App'

Elon Musk is on a mission to transform X, formerly Twitter, into a 'everything app'. Documents submitted to state regulators reveal that X is aiming to incorporate a payments network into its platform. This new feature would resemble services like Venmo, allowing users to manage money, make payments, and purchase goods. Musk aims to diversify X's revenue streams beyond advertising, which has declined significantly since his acquisition. While X will offer these services with minimal fees, the goal is to boost user engagement. X is aiming for a widespread rollout across the U.S., but international plans have been delayed by regulatory hurdles. Despite the challenges of competing with established payment giants like PayPal, Block Inc. and Zelle, X already collaborates with payment processors like Stripe Inc. and Adyen and is banking with Citibank. It's interesting to note that despite Musk's interest in cryptocurrency, X has no current plans to support virtual currency transactions.