Elon Musk confirmed that the X Money payment service will soon be launched in beta. Will cryptocurrency payments appear in it?
Elon Musk returns to the X Money project
Elon Musk revealed new plans regarding “X Money,” a new payment system enabling the conclusion of transactions to X. The boss of Tesla confirmed that the service will first appear on the beta market and will only go to the “very limited” group of users.
Already in January, the general director of X Linda Yaccarino said that X Money would debut on the market at the end of this year. The project is created thanks to cooperation with VISA and will allow users to add their debit cards to x to make peer-to-peer payments.
In turn, Musk has already said that he wants X to become a “application for everything”, with which people will be able to pay for almost everything. X Money would basically act as a digital wallet, and Visa would allow users to supply their wallets using bank cards and accounts, and then use them as from other Peer-to-Peer services such as Venmo.
Cryptocurrencies in portfolio X?
Since the head of Spacex Musk bought Twitter in 2022, there has been speculation that the portal would be expanded with the option of cryptocurrency payment. There is no word about it in the new announcement. And yet some experts think that digital assets may appear on X.
Ryan Lee, the main analyst at Bitget Research, sees in all this a chance for the industry:
Movement X Money towards the integration of cryptocurrencies can be a turning point for the mainstream of digital payments, positioning the service as a cheap, blockchain based alternative to traditional platforms such as PayPal. Supported by the partnership from Visa and Elon Musk, this update will open the door for over 600 million users to use decentralized finances in daily transactions
Thanks to peer-to-peer payments and digital wallets, X will certainly also contain functions such as tips for creators, increasing the attractiveness of the platform and financial interactivity.
