Musk's X Announces Launch of New Payment System 'X Money'

Elon Musk-owned social media X is expected to launch a new payment system, X Money.

According to Fox Business on the 1st of local time, X CEO Linda Yakarino said in a post on her X account hours before the New Year, "X will connect you in a way that I thought was impossible this year," signaling the launch of X Money, a payment system.

CEO Yakarino said, "Last year, X changed the world," adding, "Now, you're the media."

Introducing X Money with X TV and artificial intelligence chatbot Grok, he said, "Fasten your seat belt. Happy New Year!"

The official X-Money account "Payments @XMoney" was created in January last year, and now has more than 140,000 followers.

Musk has yet to publicly comment on this.

However, Musk previously mentioned that he wants to make X an "all-in-one" platform with a variety of services beyond social networking.

XMoney is expected to be the first step toward this goal, boosting transactions on the platform and creating new revenue models.

X Money developer X Payments is said to have obtained remittance licenses in about 14 states in the United States.

There are rumors that virtual currency will also be available for the new payment system, but the details are not yet known.