Elon Musk is on a mission to transform X, formerly known as Twitter, into an “everything app.” Think of a single platform where you can handle private messaging, catch up on news, shop, and even manage your banking. This concept mirrors China’s WeChat, and Musk has been vocal about replicating its success globally using X.

Central to Musk's vision is a robust payments system. Without the ability to send or spend money, X can't become the all-encompassing app Musk envisions. Recognizing this, Musk is actively developing a payments feature within X.

These documents hint at a future where X offers a Venmo-like service, allowing users to store money for purchases and peer-to-peer transfers. Musk even mentioned providing an “extremely high yield” on account balances to entice users to keep their funds within X.

So far, X has secured payments licenses in 28 states, with plans to go international once the US operations are established. However, while setting up the technical infrastructure and navigating regulatory hurdles are significant tasks, the real challenge lies in convincing people to trust X with their money. Historically, X has been a platform for scrolling through news, witnessing celebrity mishaps, and engaging in political debates—not exactly a space for shopping or financial transactions.

Attempts to create a "WeChat of the West" have been made before, notably by Meta's Mark Zuckerberg with Messenger and WhatsApp, but they haven’t quite succeeded. Americans generally prefer using different apps for different needs, and many are already loyal to existing services like Venmo, Zelle, Cash App, and PayPal (which Musk co-founded).

Musk is no stranger to challenges. To make the everything app a reality, he'll need to revolutionize user behavior on a global scale. The hard work is just beginning, but if anyone can pull it off, it's Elon Musk.