When Elon Musk acquired Twitter, he made the contentious choice to rename the platform to X. He indicated that the takeover was intended as “an accelerant for X, the everything app,” essentially mirroring China’s WeChat.
A key part of this vision is to evolve into a mobile payment service to rival Apple Pay, with the company’s CEO announcing that some of this functionality will be rolled out later this year.
WeChat: China’s ‘Everything App’
Initially launched as a messaging service, WeChat has transformed into a comprehensive platform encompassing nearly every aspect of life, notably serving as a prevalent payment solution in China. As tech investment analyst Connie Chan noted back in 2015, users can accomplish a myriad of tasks through the app:
In China, WeChat users can hail taxis, order food, purchase movie tickets, play casual games, check-in for flights, send money to friends, track fitness data, book doctor appointments, access banking statements, pay utility bills, find location-based coupons, identify music, search library books, connect with people around them, follow celeb news, read magazines, and even make donations — all through one unified app…
This is achieved through one of WeChat’s less visible features: the innovative “apps within an app” model. Millions (not just thousands) of lightweight apps exist inside WeChat, akin to how webpages operate on the internet.
This functionality positions WeChat as perhaps more of a mobile browser for web applications, or arguably, a mobile OS with its own exclusive app store.
X Everything App Set to Launch This Year
Musk is aiming to replicate this model in the West through the X Everything App. He has stated that it will encompass “the ability to manage your entire financial ecosystem,” including mobile wallet capabilities, peer-to-peer transactions, bill payments, and access to existing bank accounts.
Linda Yaccarino, CEO of X, confirmed that the app will debut within this year, with Visa onboard as its inaugural financial partner.
Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, set to launch later this year.
💰 Enables secure and instant funding to your X Wallet via Visa Direct
🪪 Links to your debit card for P2P payments
🏦 Option to instantly transfer funds to your bank
This is just the first of many significant announcements regarding X Money this year.
LFG.
LFG stands for Let’s F*cking Go.
It’s worth noting that her announcement does not include mobile payment options for businesses, either online or in brick-and-mortar stores, suggesting that peer-to-peer transactions are the primary focus for the initial rollout, with additional features to come.
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