đť•Ź gears up to offer payments and banking services (03/2024)
Elon Musk grand vision for X is coming closer to reality as the platform secures more money transmitter licenses across US states. With the latest approval from Pennsylvania, X now has the green light to facilitate money transfers in 13 states so far.
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This week, Elon Musk revealed that his social media platform X may soon be granted a money transmitter license in New York, taking the firm one step closer to offering payment services.
This basically lays the foundation for X to introduce peer-to-peer payment capabilities soon, allowing users to send money to each other within the app.
The move essentially replicates services offered by the likes of PayPal and Venmo, positioning X as a major competitor in the digital payments arena.
If you’re closely following the space, you know that Musk has been vocal about morphing X into an "everything app" akin to Chinas WeChat, where users can conduct ride-hailing, merchant payments, and even access banking services.
He now expects the rollout of new financial features by the end of 2024.
Looking ahead
We must note that the licensing efforts began before Musk acquired Twitter, starting with less stringent states. Obviously, X still faces significant trust issues around Musk himself that could impact its payments push. Nonetheless, payments and banking could hugely diversify Xs revenues beyond just advertising, especially given the recent advertiser exodus. If X can gain enough regulatory approvals and public trust, it could fundamentally transform into a one-stop shop for messaging, transactions, and daily financial needs — the fruit of Musks ambitious vision. X may soon be much more than a social network.
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