At the beginning of 2026, Elon Musk announced that X Money, the payment service integrated into X, has entered internal beta testing. A key step toward transforming X into a true “everything app.” But what does this mean for the future of digital platforms and customer experience?
Our expert’s take: Andrew Steadman, Chief Product Officer at SBS
With this new interface, do you think X is trying to position itself as an “all-in-one” app to attract more customers by making everything simpler and smoother?
Yes, I think one can see the opportunity to develop into a Superapp taking the lead from the Chinese social platforms. However, I think the biggest barrier to this being a success will be the trust that people have in the platform.
X has in the past faced criticism of its use of personal data plus its ownership will raise additional concerns in the eyes of consumers. The EU is also actively seeking alternatives to payments that are being managed by large USA companies such as Visa, Mastercard and Apple to regain payment sovereignty. X will also face the same challenges to grow in the EU.
Do you think it’s realistic, with the technology we have today, to build a Superapp that delivers that kind of seamless experience?
Yes I do and we see examples in Asia already. It makes perfect sense to seamlessly embed payments at the point of need, BNPL from Klarna is a good example, financing a purchase at checkout. I think we will increasingly see financial services delivered at the point of consumption with payments being the simplest entry point.
Would you say X Money is laying the groundwork for a more integrated model?
Yes I think their aspiration is to be a Superapp. The challenge though I think they face is they are not as universal as the successful Chinese ones. Uber, Bolt all are in place themselves already, why would I go through an app to get there. Grab in Singapore went the other way, it started as a taxi app and expanded by layering additional services on top for both passengers and drivers.
To me it is not clear who X Money is really targeted at. It runs on Visa rails and in the USA for example cards dominate so why would I move?
You often talk about using data in the smartest way possible, do you see X Money as a wake-up call for other banks to step up and rethink their user experience?
I do believe that if banks remain complacent their customers will move to more convenient solutions. People like Revolut and Wise offer a lot of the services that X Money is proposing so it raises concerns about how much market share they can get. I think the bigger threat to these legacy banks is the move to these new banks.
Again, trust, I think, is a big sticking point that X Money will have to deal with, no one trusts Musk and X. I also think that not all content on X is brand-safe, so why would I want my banking sitting alongside that?
Our expert’s wrap-up on X Money
So while I think that X Money is an interesting idea I will be surprised if it gets moving at scale given all the other players already in the market and the fact that the markets like the USA are not the same as China where options are more limited. However, the idea that traditional banks will lose customers to new entrants is a key threat that has to be addressed by improvements in digital experience and delivering services where customers need them.
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