Elon Musk announced on Tuesday that the digital payment system X Money for the social media platform X will enter an early public testing phase next month. Musk is pushing to transform the platform into an "everything app."

This move comes as Musk seeks to leverage the platform's vast user base and the growing trend of digital payments and in-app financial transactions to open up new revenue streams for X.

Last year, X partnered with payment company Visa to help provide direct payment services for users of the social media app.

Since acquiring the platform, then known as Twitter, for $44 billion in 2022, Musk has consistently proposed turning it into a "super app," hoping to offer multiple functions—including streaming, messaging, photos, videos, and payments—all within the same platform. The goal is to make X a one-stop platform similar to WeChat.

Articles from Wall Street News have previously outlined the ambitious vision for X's financial services:

A complete commercial ecosystem and financial ecosystem will emerge on the platform. Users will be able to conduct their entire financial life on X. Whether it's paying for a pizza shared the night before, making investments, or executing trades—that is the future.

X Money will first launch in the United States before expanding to other regions. The service will allow users to purchase goods, store value, or tip creators on the platform.

Industry experts have previously pointed out that a large-scale entry into financial services will subject X to significant regulatory challenges, including compliance with licensing requirements and anti-money laundering regulations.