Musk envisions transforming the company into a payments super app, encompassing all aspects of a user's financial life. However, trust remains a significant concern, with research showing that consumers are more likely to choose platforms they believe will keep their data safe. Currently, primary banks are trusted more than platforms like PayPal and FinTechs.
Key takeaways:
- X, formerly known as Twitter, is reportedly planning to add peer-to-peer (P2P) payments to its platform and has set up a dedicated payments account, @XPayments.
- The company's plans have sparked speculation in the cryptocurrency community about the potential inclusion of crypto in X's payment offering.
- Elon Musk, the head of the company, envisions X transforming into a payments super app, handling all aspects of a user's financial life, potentially eliminating the need for a traditional bank account.
- Despite consumer interest in digital-only channels for payments and financial services, trust remains a significant concern, with 59% of consumers trusting primary banks to keep their credentials safe, compared to 49% for PayPal and 3% for FinTechs.