The short-word social media platform is looking to bring X payment services before the year ends because its owner, Elon Musk, is rushing to bring this to the US. This service is known to be part of Musk's plans to transform X into the platform he hopes for it to be: the "everything app," where all experiences are available, including online payments.
Apart from being a social media platform now, X is also known as Musk's first venture in the late 20th century as a payment platform, which became X and later PayPal.
X Payment Services Coming Soon? Elon Musk is in a Rush
A new report from Bloomberg spotted massive changes coming to X soon. This is because Elon Musk aspires to transform the platform to deliver payment services, which the owner is now rushing. The news agency spotted several documents regarding X's state licenses that it already secured to launch this new experience.
Musk and X already have 28 state licenses for its "money transmitting" service, but before they launch this, the renowned tech billionaire wants to secure all 50 in the United States.
Additionally, its emails reveal that it is ready for a "multiyear process" to begin operations all around the country, which it initially targeted in early 2024 but saw several regulatory roadblocks.
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X Payments: Worldwide Money Transfers, Fintech
X Payments' chief information security officer, Christopher Stanley, claimed on X that this would be similar to the experiences offered by Apple Pay and Venmo. This new fintech approach for X will focus on massive money transfers in the future, which would also apply to the US and its international user base.
Effectively, this adds another feature for X's arsenal until the day it is a complete, everything app.
Elon Musk and His Massive Plans for X
Elon Musk's takeover of Twitter has significantly transformed the platform into what he wants it to be: a place where the public can get all the experiences right here. One of X's latest focuses is to bring a streaming media experience for users. Now, it is a "video-centric" platform, with a plan to bring a smart TV app soon.
Musk also introduced free speech on the platform, which allowed looser restrictions for users to discuss controversial or deep topics online and allowed previously banned users to return. Apart from that, Musk and X's most recent move was to allow adult and explicit content on the platform, claiming that artistic takes on pornography are allowed.
From video streaming to free speech, with communication features like video calling now available, X is heading towards its path set by its owner, which is very different from Jack Dorsey's original take. Soon, X will take on a new payment services venture that would transform the platform again, learning more about fintech, which Musk wants to happen before the year ends.
