X Money, the upcoming digital payments service of Elon Musk’s X social media platform (formerly Twitter), has signaled some progress as it moves to its final stage this year. Elon Musk, the owner of the X platform, recently announced that the internal closed beta of X Money is live.
In other words, X Money is currently live for its internal organizations, and developers are testing the digital financial service for the platform’s selected internal users, including team members and other employees.
Elon Musk’s X Money is a part of his ‘everything app’ vision
The tech billionaire Elon Musk has one core mission with the X platform: to make it an everything app, or all-in-one app. And the upcoming X Money app is also part of his broader vision to boost the X social media app.
Besides, xAI, the AI company of X, has also experienced profound growth since its inception in March 2023, just a few months after Elon Musk acquired Twitter in late 2022.
Visa serves X Money for payments
Last month, the US-based financial service company Visa collaborated with X Money to provide its payment services to the platform. Here, Visa’s Visa Direct, a technology that powers transfers, is used by X Money for real-time payment solutions. Visa has previously served other crypto and blockchain projects, including stablecoins, with its faster payment services.
The key features Visa provides to X Money are faster funding for X Wallet accounts, connecting debit cards for P2P payments, and moving funds quickly to the regular bank accounts of the users.
Can X be the hub for global financial transactions?
As blockchain researcher BankXRP noted, “X becomes the central hub for all global financial transactions.” To this statement, a crypto enthusiast on X mockingly wrote, “Does that mean my group chat arguments are now technically ‘international trade disputes” In essence, the person meant that even arguments over small personal transactions would count as global financial activity.
However, while taking the broader scope of BankXRP’s statement, the X platform’s future in finance depends on how the platform serves users’ needs alongside the growth of bridging between traditional and digital finance. Moreover, safety and security are a great matter of concern for users in terms of payments and other services of the X platform.
Recently, Grok, the AI chatbot of xAI, faced criticism as its xAI generated offensive and violent images of real people, including children. To be more accurate, users provided such types of inputs as prompts, and Grok generated responses for the prompts, questioning the trustworthiness of Grok among several users.
Following the incident, xAI admitted that the platform has lapses in safeguards, leading it to make disturbing images.
