Musk's X Announces Launch of New Payment System 'X Money'

Official Account Payments@XMoney

Elon Musk, CEO of Tesla, is expected to launch a new payment platform called 'X Money' on the social networking service (SNS) X (formerly Twitter), which he owns.

Linda Yaccarino, CEO of X, posted on her X account on the 1st (local time) with a New Year's greeting, saying, "In 2024, X changed the world and you all became the media," and added, "In 2025, X will connect you in ways previously thought impossible, including X TV, X Money, and Grok."

X Money official X account.

The official X Money account, opened last January under the name 'Payments@XMoney,' currently has over 140,000 followers. Although there have been no specific business plan announcements or public remarks from CEO Musk yet, it is speculated that it will be a deposit, withdrawal, and remittance platform supporting cryptocurrency payments.

Previously, CEO Musk expressed his ambition to transform X from a simple SNS networking service into an 'all-in-one' platform with various services. X Money is expected to be the first step toward this goal, used to activate transactions on the platform and create new revenue models.

X Payments, the developer of X Money, is reported to have obtained remittance licenses in about 14 states within the United States.

This is not the first time CEO Musk has ventured into the online payment business. Before gaining fame as CEO of Tesla and SpaceX, Musk founded 'X.com,' an online banking platform with an email-based remittance system. Later, X.com merged with Confinity, an online remittance service company founded by Max Levchin and Peter Thiel, leading to the creation of the global payment platform PayPal in 2001.