When Elon Musk formalized the purchase of Twitter, now X, he stated that he intended to turn this social network into an application for everything. Musk wants users to use his platform to make calls, video calls, send messages, stay informed and even make payments.
One of the first companies that Elon Musk founded was PayPal, a payment system well known throughout the world and which, today, remains the safest way to buy online. Elon Musk left the company when PayPal was sold to eBay, another platform that doesn’t need to be talked about.
Since then, Musk has focused his activity on companies such as Tesla and Space X, companies completely removed from monetary transactions between individuals. However, it seems that he has not forgotten the idea and he is still determined to resume this type of business, now with the help of X (Twitter).
Pay with X (Twitter)
The goal of turning X into a do-it-all app is to become a payment provider, just like PayPal, the company he helped found.
Musk has repeatedly stated that he wants users to carry out all their financial activity through this platform, a platform that will initially be available only in the United States and will reach the rest of the world in the next 3 years, as long as the requirements are met. planned plans.
X’s subsidiary, Musk’s initial idea was to launch this platform worldwide in 2024, but due to international regulations, he has had to delay its implementation worldwide and start in the United States.
At the moment, according to the same media, X has partnered with Stripe and Adyen to process transactions securely. In this way, he avoids having to create a platform completely from scratch, since this process would take several years, delaying Musk’s intentions to make X the WeChat of China, an application with more than 1.2 billion monthly active users.
X (Twitter) wants to be like WeChat
WeChat is a Chinese application with which users can do absolutely everything, not just make video calls, calls and send messages. They can also buy tickets, request doctor appointments, contact the country’s administrations and much more.
Obviously, it has achieved all this thanks to the collaboration of the Chinese government that is behind the company that manages it, which is none other than Tencent, the most important technology company in China that has investments in practically all video game studios.
Will he get it?
The first thing Elon Musk must do if they really want to become an application for everything is to reach a greater number of users. Twitter has always been the ugly duckling of social networks since, before Musk’s purchase, it never exceeded 300 million active users, a figure that is unlikely to have been surpassed since the one he bought in 2022.
With such a small user base compared to other social networks and with limitations on users who do not pay for any of the 3 subscriptions it offers, Musk’s plans to make X the preferred payment platform for users are not very flattering.