Elon Musk has long expressed his ambition to turn the social network X into a universal “app for everything,” similar to China’s WeChat. Users would be able to communicate, read news, and make financial transactions and purchases without leaving the application. The company is already taking steps to transform Musk’s vision into reality.
Creating a Universal App
A key element of this project is the creation of X’s own payment system. According to documents obtained by Bloomberg, Musk’s company has applied for licenses to conduct financial transactions in all 50 US states, with 28 licenses already received. The new payment system is planned to be similar to Venmo, allowing users to store money, make in-app purchases, and transfer funds. Musk has promised to offer “extremely high interest” on X balances to incentivize users to keep their money within the app.
However, convincing hundreds of millions of users to trust their money to an app originally designed for news and communication poses a significant challenge. For years, tech giants like Facebook, Apple, and Google have attempted to turn their messaging apps into the WeChat of the West, but without success, notes NIX Solutions.
Challenges and Competitors
In the US, people are accustomed to using specialized applications for specific purposes and are reluctant to switch financial services. X already faces stiff competition from established players like Venmo, Zelle, Cash App, and PayPal, the latter of which Musk co-founded. Poaching customers from these platforms will not be easy.
Nevertheless, Musk is known for tackling complex global projects, even those that seem impossible. Turning Twitter into a universal app akin to WeChat is a monumental task that will require changing the habits of hundreds of millions of users worldwide. As the project progresses, we’ll keep you updated on its developments and challenges.
While the road ahead is filled with challenges, Musk’s determination and innovative approach could potentially redefine the landscape of social networking and financial transactions. The success of this ambitious project remains to be seen, but it undoubtedly marks a significant step toward transforming how users interact with digital platforms.