• Source:JND
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Elon Musk is among the central minds behind the upcoming features on X, formerly called Twitter. In a recent update, it has come to light that Elon Musk aims to market its microblogging platform as a replacement for banks when it comes to financial exchanges. The feature will likely debut next year. According to The Verge, the X owner informed its staff in an all-hands meeting.

Musk said that financial world scenarios involving money shall flow to the platform with the new enhancements. Besides regular money transfers, he also aims to end the requirement of a bank account. Linda Yaccarino, CEO of X, said it might become a "full opportunity" next year.

Also Read: X Video And Audio Calling Feature Now Rolling Out: How You Can Call Users On Elon Musk's Microblogging Platform

"When I say payments, I actually mean someone's entire financial life...If it involves money. It'll be on our platform. Money or securities or whatever. So, it's not just like sending $20 to my friend. I'm talking about, like, you won't need a bank account," Musk said, according to a recording of the meeting accessed by the news outlet.

The new banking feature could see the light of the day by the end of next year. (Image:Unsplash)

"It would blow my mind if we don't have that rolled out by the end of next year," he added. The platform is reportedly working around licenses in the United States to offer these services. Earlier, Musk had stated that the platform will allow high-yielding for accounts, debit cards, loan services and more. The aim would be to let account holders transfer sums in real-time across the world.

The latest move can be marked as an attempt to make X an everything app similar to China's WeChat that offers messaging, calling, shopping and more features. Plus, the enhanced focus towards videos on the platform is also a move in a similar direction.

Also Read: No More Close Friends On X: Elon Musk-Owned Platform To Shut Down 'Circles Feature' From This Date; Details

X regularly brings refreshed features for its video player and live stream offerings. Moreover, the firm also announced its audio and video calling functionality on the platform that is currently live for iPhone users. You can read more on this here.