Elon Musk, founder of Tesla, SpaceX, and owner of X (formerly Twitter), has posted that X has just released a new communications stack that includes encrypted file transfers, messages, and audio/video calls.
Musk has long messaged that X’s goal is to be the Everything App. A service that adds value to many of your daily needs. This is expected to include financial services. In the same post, Musk said X Money would arrive soon.
As has been reported, X has been seeking approvals across the US to manage money. While it is not immediately clear which Fintech service will move first, it will probably be payments and transfers. Going forward, you can expect the full stack of financial services.
It is a truism that consumers want fewer, not more Apps, in use day to day. For financial services, the world does not need banks; we just need banking services.
It will be interesting to see what Musk has up his sleeve for X Money. Never underestimate a guy who is planning life on Mars, home robotics, and self-driving cars.
