X, previously known as Twitter, is moving forward with its plans to launch a payment service, bringing it closer to Elon Musk’s vision of transforming X into an all-encompassing app. App researcher Nima Owji recently discovered that the company is working on integrating a “Payments” button into the navigation bar, indicating the addition of new payment features like transactions, balance, and transfers.
Elon Musk’s idea of turning X into a platform where users can store money in their accounts, make payments to others, and potentially access high-yield money market accounts seems to be materializing. The latest findings suggest that the launch of the payment service may be imminent, aligning with Musk’s target of mid-2024 as mentioned in an interview with Cathie Wood on X Spaces in December.
Moreover, X has been making strides in obtaining money transmitter licenses to facilitate money transfers in the United States. Recently, X Payments, a subsidiary of X, received a license in North Dakota, bringing the total number of states where it is approved to 33. This includes states like Alabama, California, the District of Columbia, Illinois, and more.
As X continues to face challenges in generating revenue through advertising, the payment service represents a new avenue for income. In light of an antitrust lawsuit filed against advertising groups by X on Tuesday due to an advertiser boycott that led to substantial financial losses, the payment service could serve as a valuable alternative revenue stream for the company.
In conclusion, X’s progress towards launching a payment service underscores its commitment to expanding its offerings beyond social networking. With Musk’s ambitious vision guiding the company’s direction, X is poised to enter the financial services sector and revolutionize the way users interact with the platform. Stay tuned for further updates on X’s payment service and its impact on the tech industry landscape.
