Social Media X to Launch Payment Service
Published: August 10, 2024, 7:30 PM
Social media platform X is moving closer to its goal of becoming a “everything app” with plans to launch a payment service. A recent report by app researcher Nima Owji suggests that the company is working on adding a “Payments” button to the navigation bar.
Owji found references to new payment features within the app’s code, including “transactions, balances, and transfers.” This aligns with Elon Musk’s initial vision for X, where users can hold money in their accounts, send payments to others, and potentially access high-yield money market accounts.
Musk previously estimated the launch of the payment service for mid-2024, and recent progress suggests it is imminent. X has already obtained a money transmitter license in the US, allowing them to conduct money transfers.
The company has secured licenses in several states, including Alabama, California, and the District of Columbia. Other states where X Payments is licensed are Illinois, Louisiana, Nebraska, New Mexico, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Utah, Virginia, and West Virginia.