X turns into a bank? Social media app to start Google Pay-like services soon, says CEO Yaacarino

Elon Musk appears to be inching closer to realizing his long-standing vision of creating an all-encompassing app known as “X.” Over the years, he has discussed his desire to develop such an “everything app,” enabling users to conduct payments, share opinions, connect with others, and more. Unexpectedly, when Musk acquired Twitter last year, it became apparent that he aimed to transform the social media platform into the very “everything app” he had dreamed of.

Before Musk’s acquisition, Twitter was primarily a platform for expressing opinions within the constraints of limited characters. However, under his leadership, Twitter has expanded its offerings significantly. The platform now allows users to share extended videos, compose longer tweets, subscribe to specific accounts, and more. Furthermore, a recent video shared by Twitter CEO Linda Yaccarino hints that Twitter will soon incorporate payment functionalities. In her video announcement of this upcoming feature, Yaccarino wrote, “A hint of what’s to come. Who’s in?” The two-minute video offers a glimpse into the various capabilities that users can expect on the X app. In addition to payment capabilities, the video also mentions the imminent introduction of video calling, expanding beyond text-based communication, which is currently the norm on the X app. Furthermore, users will soon be able to use X for job searches and more. Elon Musk, the owner of X, has recently suggested the possibility of implementing a monthly fee for users of the app. During a conversation with Israeli Prime Minister Benjamin Netanyahu, Musk hinted at the idea of users having to pay a modest monthly fee to access the platform. He cited the need for this fee as a means to counter the proliferation of automated bots on the platform, explaining, “It’s the only way I can think of to combat vast armies of bots,” according to a CBS News report. Since acquiring Twitter for $44 billion last year, Musk has initiated a series of significant changes on the platform. Upon taking ownership, he removed the then-CEO Parag Agrawal and assumed control of the social media site. Musk also permitted previously banned accounts, including that of former President Donald Trump, to return to Twitter. Additionally, he revamped the “blue check” verification system, originally used to identify celebrity accounts, and transformed it into a paid subscription service available to all users.