X is one step closer to the Everything App by actively working to provide banking. The platform formerly known as Twitter is also preparing to take on PR Newswire with a new news wire service.
Elon Musk wants to continue to expand the capabilities of X to provide a wide range of services on the platform. According to a report from The Verge, it aims for X to be the hub of users’ financial world, with the ability to manage everything money-related on the platform. Musk expects these features to be launched by the end of 2024. The company is currently working on locking down money transmission licenses across the US so that it can offer financial services.
“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge. “If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account.”
In addition, X is working on creating a news service called XWire. The purpose of this is to compete with Cision’s PR Newswire, where various companies post their press releases about important news and changes in their companies.
Musk’s goal is to turn X into an “everything app” similar to super apps like China’s WeChat, which offer access to communication, shopping, transportation, and more. At this point, exactly one year after purchase, X has already changed significantly. Previously, the former Twitter was just a short message service. However, now, with expanded options for content creators, it is starting to look like several different platforms at once.
Long-form posts compete with Medium and news websites; the ability to download and stream videos and earn income from them creates competition for YouTube; the ability to make job postings creates competition for LinkedIn; the ability to make audio and video calls creates competition for many instant messengers.