- Elon Musk’s plans for X have been leaked, revealing a new payment network
- Bloomberg has reported that X Payments will launch this year, with Musk looking to emulate WeChat
- Dogecoin holders have been disappointed as no mention of cryptocurrencies appears in the leaked plans
Elon Musk’s latest plans for his X platform have been leaked, but holders of his beloved Dogecoin will be disappointed. According to 350 pages of documents and emails obtained by Bloomberg, Musk plans to revolutionize how users interact with money through a payment network dubbed “X Payments.” Bloomberg says that the platform will launch this year, but nowhere is there any mention of Dogecoin or cryptocurrencies at all, suggesting that Musk may be falling out of love with the meme coin.
Musk Wants to Echo WeChat Dominance
Elon Musk has been on a mission to transform X into an all-encompassing “everything app” ever since being forced to acquire it as Twitter in late 2022. His vision seems to mirror the success of China’s WeChat, which seamlessly integrates social media, messaging, and payments for over 1.3 billion users, but all he’s managed to do so far is perpetuate crypto scams and allow racists a platform.
The documents seen by Bloomberg reveal that X Payments will allow users to store money, pay other users or businesses, and purchase goods and services in physical stores, extending beyond the capabilities of services like Venmo. X Payments has already secured money transmitter licenses in 28 states and aims for nationwide and international approval, but the full rollout is expected to take several years.
No Crypto on X Payments
Despite Musk’s prominent association with cryptocurrencies, particularly Dogecoin, X Payments will not support digital currencies. The company informed regulators in Maine that there are no plans to enable sending or receiving digital assets, news that will come as a surprise to many in the crypto community, especially Dogecoin holders, who hoped Musk’s affinity for the meme coin would translate into broader acceptance on his platforms.
Boaz Sobrado, a fintech analyst, told Fortune that social media platforms have long aspired to enter the payments space due to the valuable transaction data it would provide, with the data fueling the machine-learning models essential for digital marketing. Conversely, payments companies like PayPal have begun encroaching on the advertising sector, creating connections between financial transactions and targeted promotions.
X Payments is expected to charge minimal fees for its services, aiming instead to boost revenue through increased user engagement. This move is crucial as X, under Musk’s leadership, seeks to diversify its revenue streams. Advertising, which once comprised 90% of Twitter’s revenue, has seen a significant decline, plunging by 59% last year.
