Christopher Stanley, X’s head of payments, announced plans to broaden the platform’s functionality beyond simple tipping. Users will soon be able to send money to other users, make purchases from stores, and earn interest on their account balances, mirroring traditional banking services. The vision is to create an in-app wallet akin to Venmo initially, with future expansions enabling features like earning interest and making in-store purchases similar to Apple Pay.
Stanley emphasized that the ultimate goal for X’s payment system is to establish a fully integrated financial ecosystem. Users should have no need to withdraw funds from the platform for typical transactions. The aspiration is to offer a seamless experience where all financial needs can be met within the X platform itself.
X recently obtained a money transmitter license in Tennessee, bringing the total number of states where it holds such licenses to 25. These regulatory approvals pave the way for the platform to offer payment services across a broader geographic area, ensuring compliance with financial regulations.
Elon Musk, X’s executive chairman, disclosed plans to introduce in-app payment services by mid-2024 during a conversation with ARK Invest CEO Cathie Wood. Although Musk expressed a desire to expedite the rollout of financial services on the app, he acknowledged facing bureaucratic hurdles.
While initial reports suggest that X’s payment feature will initially support fiat currencies, Musk has instructed developers to design the platform’s payment system with the flexibility to incorporate cryptocurrency in the future. Despite his past enthusiasm for cryptocurrency, Musk has tempered expectations regarding its integration into X, emphasizing that he spends minimal time contemplating crypto-related matters.
X is poised to revolutionize its platform by offering comprehensive payment functionalities, enabling users to conduct various financial transactions seamlessly. While cryptocurrency integration remains uncertain, X’s expansion into payment services marks a significant step towards creating a holistic financial ecosystem within the platform.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up