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Elon Musk is set to add financial features to the social networking service (SNS) platform X (formerly Twitter).
According to Bloomberg News and Gizmodo on the 27th (local time), 'X Money,' which combines banking and payment platforms within X, will soon be released to the public in an early access form.
According to users currently testing the service, X Money offers a 6% interest rate on cash savings and a 3% cashback on payments.
Additionally, P2P (person-to-person) transfers are possible without separate fees, and users can also receive a Visa debit card featuring their X ID.
According to test users, content creators who currently receive advertising revenue from X will also use X Money instead of Stripe, the online payment service they have been using.
Musk, CEO of SpaceX, previously stated, "I hope that users can conduct their daily lives within the X application (app) if they wish."
This appears to be similar to China's WeChat (微信, the Chinese version of KakaoTalk). WeChat also started as a messaging app but has now evolved into a 'super app' that includes all functions from payments to ride-hailing and flight bookings.
As X is also a global SNS with 600 million monthly users, there is an expectation that it can be reborn as a powerful super app by adding financial payment functions.
However, regulations remain a stumbling block. X Money has not obtained payment licenses in several regions within the United States, including New York.
To operate a payment platform in the United States, licenses must be obtained from all 50 states.
The concept for X Money has been around for some time, but its slow progress is also an issue.
Richard Crone of Crone Consulting, a payment sector expert, pointed out, "Musk promised this vision more than two years ago, saying it would be realized within a year at the time," adding, "It might already be too late."
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