Elon Musk, the renowned entrepreneur, has been discussing his plans to create an "everything app" named X, which has taken inspiration from the Chinese super-app WeChat. Since acquiring Twitter in 2021, Musk's plans for X have begun to take shape. Twitter has applied for licenses to enable the site to process payments, a significant feature of super-apps like WeChat. Musk has also expressed his desire to host longer-form videos on the platform and establish a new subscription service. Although he has not yet fully explained whether he intends to transform Twitter into X or develop an entirely new platform, Musk has dropped hints about his plans to revolutionize social media.
What is X, the 'Everything App'
X is an "everything app," or a super app, that combines several services that would typically require numerous apps to perform. Elon Musk drew inspiration from WeChat, a popular Chinese super-app that offers a broad range of services, such as news, ride-hailing, doctor's appointments, and tax payments. While Musk has not provided any detailed information on how X will function, financial services will likely form the core of the app. This is because the domain X.com was previously a fintech company that ultimately became PayPal. Musk has also expressed his admiration for WeChat and his desire for Twitter to be an integral part of the user's daily life, from morning to night, anywhere and anytime. Musk has been talking about building X for months, and he has hinted at his plans to disrupt the social media world.
How Does Elon Musk Plan to Integrate Payments into the X App
Elon Musk intends to integrate payments into the X app by offering fintech services like peer-to-peer transactions, savings accounts, and debit cards. Musk envisions X as a "digital town square" that allows users to leave comments and post videos. Once the platform gains public trust, payments, whether in crypto or fiat, can make a lot of sense. Musk co-founded X.com, an online bank, in 1999, which later merged with another company to form PayPal. In 2017, he bought the domain name X.com from PayPal for an undisclosed amount. To pursue his Twitter bid, Musk established three holding companies in Delaware, all with variations of the name "X Holdings."
What is an 'Everything App' or Super App
An everything app, also known as a super app, is an application that offers a suite of services for users, such as messaging, social networking, peer-to-peer payments, e-commerce shopping, and other services that would typically require numerous apps to perform. It is like a Swiss army knife of mobile apps that combines various services that the user would need or want to do in one place. The concept of an everything app is popular in Asia, and tech companies worldwide have attempted to replicate it. Elon Musk drew inspiration from WeChat, a popular Chinese super-app, to create X.
What are the Most Popular Super Apps
Super apps are increasingly popular, especially in Asia, where they have amassed a vast following. WeChat is the most popular super app worldwide, with 1.24 billion users. Other notable examples of super apps include Alipay, Grab, Rappi, Careem, Snapp, Hugo, and Yandex Go. These apps offer a wide range of services, such as ride-hailing, food delivery, ticket booking, social media, and subscribing to promotions, among others. Super apps function as an operating system that provides a set of core features, with the addition of access to independently developed mini-apps. They are designed to make daily life easier by providing different solutions for various problems, so users can solve most of their needs using a single app. The concept of super apps is expected to continue to grow in popularity, with more companies exploring this approach to app development. Super apps have already become a part of everyday life for millions of users in Asia, and there is potential for them to become more widespread globally. As technology continues to advance, super apps are likely to incorporate more features, such as chatbots, artificial intelligence, and augmented reality. With the convenience and personalized experiences they offer, it's no wonder why super apps are becoming the go-to solution for many users around the world.
