X is making significant progress toward launching its anticipated payment service, X Payments, which aligns with Elon Musk’s vision of transforming the platform into an “everything app.” This app will allow users to store money, send payments, and potentially access high-yield money market accounts.
Recent findings by app researcher Nima Owji reveal new details about X Payments. Owji discovered a “Payments” button in the navigation bar, along with features like transactions, balance, and transfers, suggesting the service is nearing launch. Musk aims to roll out X Payments by mid-2024.
Since acquiring X/Twitter, Musk has been focused on evolving the platform into a multifunctional app integrating social networking with financial services. The introduction of X Payments will enable users to conduct financial transactions seamlessly within the app, positioning X as a key player in the digital payments sector.
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Progress on the regulatory front has been steady, with X Payments securing money transmitter licenses in 33 states, including recent approvals in North Dakota. Other states with licenses are Alabama, California, the District of Columbia, Illinois, Louisiana, Nebraska, New Mexico, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Utah, Virginia, and West Virginia.
In a strategic move, X recently filed an antitrust lawsuit against advertising groups due to a boycott that led to significant financial losses. This lawsuit comes as X faces challenges in monetizing through advertising, making the payment service a promising alternative revenue stream.
As X Payments prepares for its official launch, it aims to revolutionize user interaction with the platform, offering a secure and convenient way to manage finances. This innovation will position X at the forefront of digital payments, enhancing user experience and creating new revenue opportunities.
