X clarified that these changes have not yet been implemented, but when enacted, they will empower the company to store and utilize biometric data “for safety, security, and identification purposes.” The precise intentions behind the collection and utilization of biometric data have not been explicitly defined, leaving users with numerous questions and concerns.
Typically, online platforms employ biometrics like fingerprints and facial scans for user authentication during login processes or financial transactions, as seen in banking and payment companies. X’s approach to collecting biometric data remains shrouded in mystery, and the company has not disclosed the mechanics of how this system will operate.
Despite these significant policy changes, X was not immediately available for comment when reached out to by CNBC.
Under the leadership of Elon Musk, X has sought to expand its horizons beyond social media, messaging, and audio content. The company’s acquisition of Laskie, a job recruitment tool, was a notable move in this direction, marking its first acquisition under Musk’s ownership following his acquisition of Twitter for $44 billion in 2022. Although Musk is no longer the CEO of X, having passed the reins to former NBC Universal Chairman of Advertising and Partnerships Linda Yaccarino in June, the company continues its aggressive expansion.
In April, X forged a partnership with Israeli stock trading app eToro, enabling users to view and trade stocks through eToro’s web and mobile applications. EToro expressed intentions to expand this partnership, further indicating X’s commitment to diversification.
X has also been actively securing money transmitter licenses in various U.S. states, signaling its ambition to introduce its own payment features. This venture into financial services is notable given Musk’s co-founding role in PayPal, which emerged from a merger between software company Confinity and X.com, an early online bank founded by the billionaire.