X to add in-app payments and trading as fintech plans advance

According to a recent Financial Times report, the initiative signals the company’s intention to expand its scope beyond social networking. The platform has secured money transmitter licences in more than four US states and is registered with the Financial Crimes Enforcement Network (FinCEN). These regulatory steps position the company to lawfully provide various financial services across multiple jurisdictions. 

Among the developments under way are tools that would allow users to perform a range of financial transactions directly within the app. These are expected to include everyday payments, such as purchasing goods or tipping content creators, as well as functionalities for investing and transferring funds digitally.

Partnership and platform development

The company has entered into a collaboration with Visa to create the X Money Account, a digital wallet aimed at supporting peer-to-peer payments and fund transfers. This project builds on earlier efforts in the financial space, including the introduction of the X Money brand and other payment-related services. 

Officials from X have also indicated the company may launch a debit or credit card tied to the platform before the end of the year. The offering would likely align with the firm's stated goal of incorporating financial tools into its broader ecosystem. 

In parallel, the company continues to introduce a range of non-financial features such as live video, audio calling, and encrypted messaging through a forthcoming service called XChat. These updates, which also include disappearing messages and artificial intelligence capabilities, are intended to expand the platform's utility and are reportedly contributing to increased user activity. 

The developments are part of a long-term strategy to evolve X into a multi-functional platform that merges communication, media, and financial activity. This concept, often referred to internally as the ‘everything app,’ reflects an ambition to integrate social networking with commerce and payments. 

Despite speculation, X has not confirmed any plans to support cryptocurrency transactions or issue a platform-native digital token. Although some users anticipate future crypto features, no such integrations have been announced to date.