Payment service X Money is already undergoing closed testing and will be available to the first users in 1-2 months

Elon Musk introduced X Money — a financial system that will become part of the X platform and another important step towards making this social network a “super app” similar to China's WeChat.

What is known

X Money is undergoing closed testing within the company itself, and the first users will be able to try it out in one to two months.

The service has already received the necessary licenses from regulators in more than 40 US states, and last year Musk's company entered into strategic agreements with a number of international payment systems, including Visa.

It is expected that with the help of X Money, users will be able to make purchases without leaving the social network. It is likely that cryptocurrencies will form the basis of the system, but due to a lack of data, it is difficult to assert this yet.

As for X Money, we have effectively launched it in closed beta testing within the company and we expect that within the next month or two we will move to a limited external beta test, followed by a global launch for all X users. And this really should be the place where all money will be stored, the central source of all monetary transactions. So it really is a game-changer.

Sources: Yahoo