Elon Musk Announces Launch of AI-Powered Payment Services by Mid-2024

X Platform to Launch In-App Payment Services

Elon Musk’s ‘everything app’ X is expected to launch in-app payment services on its social media platform around mid-2024, utilizing Artificial Intelligence (AI), Machine Learning (ML), and Web 3.0 technology. Though crypto integration now seems only a remote possibility.

Speaking to ARK Invest’s Cathie Wood in a Dec. 21 X space, Musk said he expects payment services to be fully launched sometime by the “middle of next year”, pending the approval of several money transmitter license applications.

Musk said he’d hoped to have launched payments on the social media platform sooner but had been weighed down by bureaucratic processes.

Musk said that he wasn’t aware of any potential “showstoppers” that might see their money transmitter license applications rejected, adding that X had been “a bit late” in submitting all the necessary documents.

AI and Cryptocurrencies

Many crypto enthusiasts had hoped that Elon Musk would integrate one of his preferred cryptocurrencies — including Dogecoin (DOGE) and Bitcoin (BTC) — into the X payments system.

However, the Tesla CEO has never confirmed this and has recently revealed he spends “hardly any” time thinking about digital assets.

Despite Musk’s lack of interest in crypto, Tesla still holds some $148 million in Bitcoin on its balance sheet, while the electric vehicle manufacturer allows customers to buy merchandise from the Telsa Shop with Dogecoin.

In 2022, reports suggested that Musk’s tunnel construction firm, The Boring Company (TBC), had begun allowing customers to pay for rides on its Las Vegas transit system using Dogecoin, utilizing AI and ML technologies.

AI and Robotics Advancements

Tesla’s humanoid robot has seen impressive improvements with it now being 30% faster and 22 pounds lighter. Elon Musk, who is no stranger to AI and robotics, commented on the topic of cryptocurrency, saying that he “hardly spends any time thinking about it”. He did, however, explain that he views money and digital assets as a “database for resource allocation”, and that fiat currency is “actually fine” as long as state actors don’t try and manipulate its supply.

When it comes to AI, Musk revealed that the primary development goal for his own Grok AI system was to make it the “funniest” LLM. He added that if users asked the AI for a “vulgar roast” they’d be sure to get a good response.

The advancements in AI and robotics, such as those seen in Tesla’s humanoid robot, are just a few examples of the progress being made in the field. Companies like Placer.AI, Replika AI, Sima.AI, AI C3, NBC AI, New AI, and AI and ML are all working to make the future of AI and robotics brighter than ever.