X (formerly Twitter) is launching its new payments service, X Money, using William Shatner to distribute early beta invites to users who donated to his charity.
Why it matters
This development signifies X's continued strategic pivot towards becoming an 'everything app' that integrates social media with financial services. By leveraging a celebrity partnership and charitable giving for beta invites, X is employing a unique, albeit small-scale, user acquisition strategy for its new payments platform. While the initial rollout is limited, it underscores X's ambition to compete in the fintech space, potentially disrupting traditional payment methods and diversifying its revenue streams beyond advertising. This move is crucial for X's long-term vision and could set a precedent for how other social platforms integrate financial offerings.
X, the company that used to be Twitter, is starting a new payment service called X Money. They got actor William Shatner to give out early access to a small group of 42 users who donated money to his charity. This shows X's plan to become more than just a social media app, by getting into financial services.
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