Social media platform X will “soon” incorporate investment and trading functionalities, according to CEO Linda Yaccarino.

In a recent interview with the Financial Times (FT) at the Cannes Lions advertising festival, Yaccarino outlined the vision for X to become a comprehensive financial hub. “You’ll be able to come to X and be able to transact your whole financial life on the platform,” she stated.

This includes the possibility of users paying each other for everyday transactions, making investments, or executing trades directly within the app. Yaccarino also mentioned the potential launch of an X-branded debit or credit card as early as this year.

The move into financial services aligns with owner Elon Musk’s broader strategy to transform X into a multi-functional platform akin to WeChat,encompassing messaging,payments,and commerce.

X has previously announced plans for X Money, a digital wallet and peer-to-peer payment system in collaboration with Visa, expected to launch later this year.

Digital Wallets Gain Traction

“You’ll be able to come to X and be able to transact your whole financial life on the platform.”

Earlier this year, reports examined whether the Visa partnership would give X Money an advantage over neobanks, citing research indicating the increasing adoption of digital wallets globally. According to data, digital wallets are becoming a primary method for payments and a central point for various non-payment activities, including credential storage.

In the U.S., 48% of consumers use digital wallets for online shopping, while 39% use them in physical stores.

Research also suggests that consumers are increasingly trusting major tech companies to store their payment credentials, perhaps creating competition for traditional banks.

Yaccarino told the FT that X Money would debut in the U.S. before expanding to other countries, enabling users to purchase goods, store value, and tip content creators on the platform.

“A whole commerce ecosystem and a financial ecosystem is going to emerge on the platform that does not exist today,” she added.

XAI’s Financial Outlook

Separately, reports indicate that Xai, the Musk-owned artificial intelligence (AI) company affiliated with X, anticipates spending $13 billion this year against revenues of $500 million.

Bloomberg reported that Xai shared this financial data with investors while seeking to raise $9.3 billion in debt and equity. The high expenditure rate is reportedly typical for the AI sector, driven by the important financial demands of the technology, including server farms and specialized chips.