Elon Musk, at the head of social network X, wants to realize an idea that is not new: to create a financial super-application that allows users to make multiple transactions online. Which could mean the end of banks.

Apparently, the tycoon wants to crystallize this idea in 2024. What they want is for the customer to have a multitasking tool, through which they can make payments, know their account status, and make online purchases.

Musk is currently studying all the needs of former Twitter users regarding money. He said: “When I say payments, I really mean someone’s entire financial life. Money or securities or whatever. So it’s not just sending 20 bucks to my friend. I mean, you won’t need a bank account.”

The vision of the Tesla owner is that his social network will be transformed into an application for all kinds of transactions. The idea dates back to 2000 when Musk and David Sacks outlined the first plans that included “high-yield money market accounts, debit cards, checks, and lending services.” With this innovation, it would be possible to “send money anywhere in the world instantly and in real time.”

There is still a long way to go, but if Musk continues to focus on the issue and retains the support of executives such as current CEO Linda Yaccarino, the project could crystallize between the end of 2024 and the beginning of 2025.

M.Pino

Source: computerhoy

(Reference image source: Julian Christ, Unsplash)

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La entrada Elon Musk wants to turn his social network into a financial center apareció primero en Bitfinance.