Elon Musk, X owner, has given employees of the social media platform one year to replace their bank accounts, saying they will no longer need them.
Musk wants X to be the center of the financial world, handling anything in life that deals with money.
He expects the features that will enable X to handle payments to launch by the end of next year (2024).
The 52-year-old told X employees during an all-hands call on Thursday that people will be surprised with “just how powerful it is”.
“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge.
“If it involves money. It will be on our platform. Money or securities or whatever. So, it is not just like send $20 to my friend. I am talking about, like, you won’t need a bank account.”
This is coming some weeks after Musk announced plans to add video and audio call features to the app.
He had already started paying rewards to creators who are Twitter Blue subscribers.
