Elon Musk unveils X Money Beta: ‘Game changer’ for digital payments?

Elon Musk has announced plans to launch X Money in the form of a limited external beta version within one to two months.

The recent decision was unveiled by Musk during the xAI’s “All Hands” presentation in which the founder explained the upcoming reorganization of the AI venture.

According to the 54-year-old billionaire, “We actually have X Money Live in Closed Beta within the company, and we expect in the next month or 2, to go to Unlimited External Beta, and then go Worldwide to all X users.”

‘Game changer’ for digital wallets

Elon Musk teased X Money beta as a game changer for all kinds of monetary transactions.

“This system is intended to be where all the money is, the central source of all monetary transactions. It’s really going to be a gamechanger,” Musk declared.

X Money aims to handle peer-to-peer transfers and other financial activities within the app.

X’s vision as ‘everything app’

The CEO of SpaceX has linked his recent move as a part of a broader strategy of turning X into “everything app.”

The concept of an everything app also called as “super app” is popularized in Asia. Such apps offer a range of all-encompassing services for users, including social networking, messaging, peer-to-peer payments, and e-commerce shopping.

Given the massive reach of X, Musk’s claims of turning X into everything app appears plausible. Currently over 1 billion people worldwide have installed X with 600 million active users.

Musk said, “But as we give people more reasons to use the X app, whether it's for communications, for Grok or for X money, whatever the case may be, we want it to be such that, if you wanted to, you could live your life on the X app.”