X (Twitter) owner Elon Musk recently indicated that the social media platform will soon replace your bank.

According to a report by The Verge, Musk said X is aiming at obtaining remaining licenses within the next few months, As far as X is concerned, this will be a major step forward towards making its foray into the financial sector.

Currently, X is focusing on securing money transmission licenses across the US before it starts providing financial services.

“When I say payments, I actually mean someone’s entire financial life,” Musk said in an all-hands call with X employees.

X Could Replace Your Bank Soon

“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account,” Musk noted according to the audio of the meeting obtained by The Verge.

Musk, who was the founder of PayPal Holdings Inc., is no stranger to the financial technology sector. “The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” Musk said.

“And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago,” The Verge reported,

Earlier in July, Twitter’s CEO, Linda Yaccarino confirmed that the X app would boast fintech features such as payments and banking capabilities.

In line with this, Twitter has already obtained money-transmitter licenses in four US states, including Arizona, Michigan, Missouri and New Hampshire.

According to a Bloomberg report, Musk used Twitter to communicate his vision. In his tweets when he acquired the social media platform in 2022. At the time, he noted that he wanted to transform Twitter into an everything app like WeChat.