We know Elon Musk has in the pipeline to turn X into the ‘everything app’ that could also encompass payments, and now we’re hearing more chatter about the possibility.
According to FOX Business Network’s Senior Correspondent, Charles Gasparino, he said he’s hearing about conversations of X and its pursuit of a payments system.
“@elonmusk continues to have conversations [with] top Wall Street executives on future of @X,” said Gasparino’s scoop.
“Seems to be settling, they tell me, on a new fangled payment system, updated version of @PayPal. It will offer low transactions costs (as opposed to credit cards) & monetize user info,” said the FOX reporter. Such a service could disrupt the banking and payments industry and it’s unclear which Wall Street bank will want to partner with X.
PayPal was one of Musk’s former ventures, which was from the merger of Confinity and the Tesla CEO’s X.com online banking company. eBay eventually acquired PayPal in 2002 for $1.5 billion in stock, and Musk saw a windfall as he owned over 11% of PayPal’s shares. The money was used to fund other Musk ventures including Tesla, SpaceX and SolarCity.
“Per an NMLS listing, @X Payments has obtained its money transmission license in Maryland. I expect we’ll continue to see more approvals in the coming months as X has overcome the largest hurdles in terms of approvals, the next hardest will be NY Dept. of Finance & California,” also shared @asunapg on Thursday afternoon.
Musk has been a big proponent of cryptocurrency such as Dogecoin, with Tesla and SpaceX previously accepting the payment for merchandise and even vehicles. Let’s wait and see what comes out of this as X continues to shift gears at a furious pace.
