X users will soon no doubt be able to use the platform to send money to other users, pay in stores, and, like a bank account, earn interest on the app’s balance.
X’s payment ambitions
In a 22 April post, X Payments chief information security officer Christopher Stanley pointed out that X—beyond “just tipping”—will provide users with an in-app wallet that can hold money such as e-money sent to other users of X.
“Think Venmo at first. These are the early steps in usability that can appeal to people. “Over time, you will get used to buying products, and eventually, you will use it to buy things in stores (like Apple Pay),” said Stanley. Stanley not only talked about the “end goal” of payments on this but also about creating a financial ecosystem where users don’t even need to withdraw their money for their transactions.
“Our final objective is that if you choose to withdraw money from our system at any time, then it is obvious that we have not succeeded at what we want; that is why you should never feel tempted to withdraw your money because you will be able to do anything you need on our platform.”
Fiat first, crypto later
However, Stanley’s statement came three days after X earned a money transmitter license at the state level, Tennessee, and acquired it on the 19th of April. Lastly, with the most recent license secured, the company has received money-transmitting licenses in 25 states. NMLS stands for the Nationwide Multi-State Licensing System. During a recent interview with Cathie Wood, X’s executive chairman Elon Musk said they will introduce in-app payment services next year, halfway through 2024. He also said that
The community already noted that X will launch its payment feature but will focus on supporting fiat currencies first. Elon Musk supposedly ordered X developers to build the platform’s payment system so that crypto could be supported later.
Although the CEO has previously shown keen interest in virtual currencies, Tesla maintains its Bitcoin percentage (9,720 BTC), as reported in a recent letter to its shareholders. Tesla shares its financials with the whole community. He has already carried out an integration crypto stream for the merchandising store of an electric car company, which was a remedy for any dreams of crypto integration on X.
In December, he revealed to Wood that he rarely thinks about crypto; he thinks this industry is the most insane phenomenon the world has ever seen. This is a positive return for Mr. Musk, stating that he is tied to crypto for a payment X and is not making this public.
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