‘X Payments’ Nears Launch: Transforming X into an Everything App

X is making noteworthy strides toward launching its anticipated payment service, X Payments. This move seems part of Elon Musk’s ambitious vision of transforming X into an “everything app,” where users can store money, send payments, and potentially access high-yield money market accounts.

Recently, App researcher Nima Owji discovered new details hinting at the imminent launch of X Payments. Owji discovered references to a “Payments” button in the navigation bar. Moreover, some features like transactions, balance, and transfer were also found. It means that the payment service is closer to becoming a reality, fulfilling Musk’s goal for mid-2024.

Elon Musk’s X Payments: A New Era of Financial Transactions

Since acquiring X/Twitter, Musk has been working to make X a multifunctional app that integrates social networking with financial services. The introduction of X Payments will allow users to execute financial transactions seamlessly within the app. The payments system will position X as a major player in the digital payment space.

Sources claim that progress has been quite steady on the regulatory front. X Payments, a fully owned subsidiary of X, has been actively securing money transmitter licenses across the US. Recently, the service was licensed in North Dakota, bringing the total number of states with approval to 33. Other states that granted licenses include Alabama, California, the District of Columbia, Illinois, Louisiana, Nebraska, New Mexico, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Utah, Virginia, and West Virginia.

X recently filed an antitrust lawsuit against advertising groups over an advertiser boycott that resulted in substantial financial losses. This strategic move comes at a critical time for X, as it faced challenges in monetizing through advertising. The payment service system depicts a promising alternative revenue stream.

As the new system prepares for its official launch, it promises to revolutionize how users interact with the platform. Moreover, it aims to provide a secure and convenient way to manage finances. This innovative move will position the company at the forefront of digital payments, improving user experience and driving new revenue opportunities.

Check Out: 200 Million Twitter Accounts Compromised in Massive 9.4GB Data Leak – PhoneWorld