Imitating WeChat Pay? Musk confirms the upcoming launch of "X Money"

Elon Musk's ambition to transform the X platform into a super app is about to materialize, with the highly anticipated payment product "X Money" entering the internal testing phase, expected to officially launch in 2025.

On May 25, Musk personally confirmed the latest progress of "X Money" on the X platform. When a fan account named "Tesla Owners Silicon Valley" reported that Musk confirmed "X is about to launch X Money," Musk replied that the testing will be "initially an extremely limited internal beta version."

Musk replied that the X Money test will be "initially an extremely limited internal beta version." When it comes to people's savings, extra caution must be taken.

According to information previously revealed by the official account of X Money, the product is planned for official release in 2025. Musk's confirmation comes as market expectations for X Money's launch this year are heating up—reports in January indicated that leaked platform code suggested the product could be launched soon.

The official account introduction of X Money shows that the product is planned for official release in 2025.

Musk seems to be replicating the successful model of WeChat in the Chinese market—integrating social media, payment, banking, and other functions into a "universal app." However, whether the vision of a "universal app" can be realized still faces political resistance.

The Vision of a "Universal App"

The concept of X Money dates back to October 2022, when Musk referred to his $44 billion acquisition of Twitter as "an accelerator for creating X, the universal app."

In 2023, Twitter was officially renamed X, and then-CEO Linda Yaccarino revealed that this social media app plans to offer "unlimited interactivity," support multiple media formats, and integrate payment and banking functions.

At that time, the market widely speculated that the platform would likely support cryptocurrencies like Bitcoin, which aligns with Musk's consistent stance on digital currencies. Initially, the industry expected the payment platform to launch in mid-2024, but Musk has evidently chosen a more cautious timeline.

According to media reports, to support the operation of X Money, the X platform is actively applying for financial licenses in various states across the United States. Data from the Nationwide Multi-State Licensing System indicates that X has already obtained 41 remittance business licenses

Political Resistance: Senator Warren's Sharp Criticism

With Trump returning to the White House in January this year and appointing Musk to lead the government's efficiency department (DOGE) workforce optimization initiative, the X Money project has gained more political support but also faces more intense opposition.

Democratic Senator Elizabeth Warren harshly criticized X's payment platform plans in February:

Musk has lost a fortune on X. So he came up with this idea to make X a major currency platform so he can access everyone's personal financial data.

Warren's criticism hits the nail on the head: on one hand, she questions Musk's motivation for launching payment products as a way to recover the massive losses of the X platform, and on the other hand, she expresses concerns about the security of personal financial data.

It is noteworthy that Warren is a significant supporter of the Consumer Financial Protection Bureau, which Musk previously attempted to dismantle, complicating the opposition between the two parties.

Risk Warning and Disclaimer

The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at one's own risk