Social media platform X (formerly Twitter) is moving aggressively into financial services . Recently, X CEO Linda Yaccarino announced that users will soon be able to make investments and trades directly on the platform. This push appears to be central to owner Elon Musk 's ambition to transform X into an "everything app," similar to China's WeChat. "You’ll be able to come to X and be able to transact your whole financial life on the platform," Yaccarino said in an interview with the Financial Times. Now a new report suggests that users may soon witness the launch of X customisable physical debit card under company’s X Money financial services.
According to a report by TechCrunch, Mobile app intelligence firm AppSensa has noticed multiple code strings which suggest that X is working on offering both virtual and physical payment cards. These backend updates reference a variety of card-related functions, including the ability for users to:
* Track the shipping status of their physical debit card.
* Activate the card upon delivery.
* Report it as lost or stolen, and lock/cancel it.
* Set or change a PIN.
* Potentially personalize the physical design, with hints that a user's X handle could be printed on the card itself.
The findings suggest that the system will enable a separate management of physical and virtual cards offering flexibility to the users. Along with this, the code also reveals that the potential partnerships with some major financial networks. References to "payment_card_brand_amex_" and "payment_card_brand_mastercard_" suggest that support for American Express and Mastercard is also in the pipeline.
Twitter is already working on X Money
This foray into finance comes as X has already committed to introducing X Money, a digital wallet and peer-to-peer payment service, with Visa as its initial partner later this year. Yaccarino confirmed that X Money will debut in the US first before a global rollout. The service aims to enable users to purchase merchandise, store value and tip creators directly on the platform.
"A whole commerce ecosystem and a financial ecosystem is going to emerge on the platform that does not exist today," she emphasised.
The platform's pivot to new revenue streams comes as it continues to struggle with financial headwinds. Since Elon Musk's $44 billion acquisition of Twitter in 2022, when it was rebranded as X, the company has seen a mass exodus of advertisers – its primary source of revenue.
According to a report by TechCrunch, Mobile app intelligence firm AppSensa has noticed multiple code strings which suggest that X is working on offering both virtual and physical payment cards. These backend updates reference a variety of card-related functions, including the ability for users to:
* Track the shipping status of their physical debit card.
* Activate the card upon delivery.
* Report it as lost or stolen, and lock/cancel it.
* Set or change a PIN.
* Potentially personalize the physical design, with hints that a user's X handle could be printed on the card itself.
The findings suggest that the system will enable a separate management of physical and virtual cards offering flexibility to the users. Along with this, the code also reveals that the potential partnerships with some major financial networks. References to "payment_card_brand_amex_" and "payment_card_brand_mastercard_" suggest that support for American Express and Mastercard is also in the pipeline.
Twitter is already working on X Money
This foray into finance comes as X has already committed to introducing X Money, a digital wallet and peer-to-peer payment service, with Visa as its initial partner later this year. Yaccarino confirmed that X Money will debut in the US first before a global rollout. The service aims to enable users to purchase merchandise, store value and tip creators directly on the platform.
"A whole commerce ecosystem and a financial ecosystem is going to emerge on the platform that does not exist today," she emphasised.
The platform's pivot to new revenue streams comes as it continues to struggle with financial headwinds. Since Elon Musk's $44 billion acquisition of Twitter in 2022, when it was rebranded as X, the company has seen a mass exodus of advertisers – its primary source of revenue.
You may also like
Israel-Iran: Explosions heard as Qatar on high alert for Iran attack
Iran missile attack LIVE: WW3 fears soar as Tehran targets US airbases with missiles
Passengers, crew on Air India's London-Mumbai flight fall sick
'America greatest country on earth, next to Israel': State Department spokesperson Tammy Bruce's old clip goes viral
'My daughter was killed in Air India crash - 37 years earlier another relative died on flight'
