The platform now known as X, previously Twitter, is advancing towards integrating a payment solution, aligning with Elon Musk’s ambition to morph X into a comprehensive “everything app.”
A notable discovery by app analyst Nima Owji reveals that efforts are underway to incorporate a “Payments” feature within the UI, specifically below the bookmarks section. Owji, who stumbled upon this development recently, shared with TechCrunch insights into newly hinted payment functionalities including “transactions, balance, and transfer.”
Musk’s original vision upon acquiring the platform known then as Twitter was to create a hub where users could not only hold funds in their X profiles but also send money to peers and potentially tap into lucrative money market accounts.
This recent revelation signals that the debut of the payment service could be imminent, aligning with Musk’s earlier projection of a mid-2024 launch mentioned during a conversation with Ark Invest CEO Cathie Wood on an X Spaces event in December.
Moreover, strides have been made in securing the necessary money transmitter licenses across the U.S., enabling the facilitation of monetary transactions. Recently, X Payments, under the umbrella of X, received authorization in North Dakota, marking a significant milestone with licenses now spanning 33 states. This follows approvals in various states including Alabama, California, and the District of Columbia among others like Illinois, Louisiana, and Virginia, to name a few.
Given the hurdles X encounters with ad-based monetization, pivoting towards a payment service represents a strategic move towards diversifying its revenue streams. This comes as X launched an antitrust legal challenge against ad associations this Tuesday, attributing a boycott and consequent substantial revenue losses to their actions.
Compiled by Techarena.au.
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