Innovative Payment System X. Future of banking?

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  • Elon Musk has revealed plans to turn the social media platform into an all-encompassing financial hub – Payment System X .
  • According to Musk, X users would no longer need bank accounts after the implementation.
  • The proposed Payment System X features would become available on X by the end of 2024.

Elon Musk, the owner of X (formerly Twitter), has revealed plans to turn the social media platform into an all-encompassing financial hub – Payment System X . Musk made the revelation during an all-hands call with the company’s employees last Thursday and claimed that his aim is that X users would not need bank accounts after his plans are implemented.

As reported by means of the verge, Musk cited that the proposed charge features might come to be available on X by the Q4 end 2024. In keeping with him, it might be a powerful implementation, and the humans would be amazed by means of the volume of such powers.

“When I say payments, I mean someone’s entire financial life,” Musk said.

– Payment System X – 

Musk emphasized that the proposed implementation might go beyond sending money from one person to another. He noted that he plans to create a fee machine that would manage all of the price wishes of users, and that they wouldn’t want a bank in a while.

in step with reports, x is within the manner of securing money transmission licenses throughout the u.s. such licenses might permit the social media platform to offer economic services to its customers. Musk confirmed this all through the decision and stated he hopes to gather the ones licenses within the following few months.

Implementing a financial system similar to the one Musk has envisioned has been a longstanding aspiration of the X owner. During the conversation, Musk informed the team that he, along with David Sacks, a well-known venture capitalist, jointly formulated the X/Paypal strategy in July 2000. Sacks had previously held the position of product leader at PayPal before assuming the role of the company’s chief operating officer.

Additionally, Musk pointed out that after eBay’s acquisition of PayPal in 2002, the complete execution of the roadmap was not pursued. He also highlighted that several vital features were reversed by PayPal following the acquisition.

Elon Musk’s the feeling of the possibility that he will not have his payment system created in the span of 2024 can be easily gauged by the fact that he was flabbergasted by this thought.

Disclaimer: The provided information in this article is just for the purpose of understanding and education. The article will not take the form of financial advice, nor of an investment or advice about anything at all. This tutorial is for educational purposes only, and in no way responsible for any losses that might be encountered when using any link, product, or service it recommends. A word of caution is laid down which people should follow before performing any kind of action that is related to the company.

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