X Could Launch In-App Payments Sooner Than Expected; Here’s What Elon Musk Is Planning
X is reportedly rolling out an in-app payment feature sooner than expected. Recent developments suggest that Elon Musk-owned X may be accelerating the rollout of its payment system on the platform. An app researcher recently discovered a screenshot showing a new “Payments” option on the navigation bar, just below the Bookmarks button on X.
New Features in the Payments Tab
The screenshot revealed additional options in the new Payments tab, including transaction, balance, and money transfer features. X Payments, a subsidiary of the social media platform, has secured money transmission licenses in 33 states across the United States. These licenses are important for any business involved in domestic money transfer operations.
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Licensing and regulatory compliance
According to According to TechCrunchObtaining these licenses is a mandatory step for companies that want to conduct financial transactions and money transfers across state lines. This achievement demonstrates X Payments’ commitment to expanding financial services and complying with regulatory standards across the majority of the U.S. market.
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Steps to becoming a super app
Introducing its own payments service would fit into Musk’s vision of turning X into a super app. When Musk acquired X, formerly known as Twitter, he reportedly had plans for features that would allow users to store and transfer money within the platform.
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X’s rapid rollout of its payments feature could also be a strategy to diversify the company’s revenue streams. X has faced challenges generating revenue through advertising, leading to financial difficulties. The company recently took legal action against advertising groups boycotting the platform, signaling its intention to explore alternative revenue streams.
As X moves closer to launching its in-app payments service, the company is moving closer to Musk’s broader vision for the platform, one that could reshape the company’s role in the digital economy.
