News Scrap

Key Takeaways

X plans to introduce a money transfer feature under its X Payments service, aligning with Musk’s vision for an ‘everything app’.
X Payments LLC has acquired money transmitter licenses in most US states, positioning the platform to incorporate financial services.

X is preparing to launch a money transfer feature as part of its X Payments service, owner Elon Musk confirmed in response to a social media post showing a dollar sign icon on podcaster Joe Rogan’s profile.

This photo was posted by @elonmusk on 𝕏.

My speculation is that “$” button is used for sending money to someone as a part of X Payments! pic.twitter.com/QTG4zdT9PQ

— Nima Owji (@nima_owji) November 22, 2024

The feature is part of Musk’s strategy to transform X, formerly Twitter, into an “everything app” similar to China’s WeChat, which combines messaging, social media, and financial services.

X Payments LLC has secured money transmitter licenses across most US states, except New York, setting the foundation for integrating payment services on the platform.

The planned peer-to-peer transaction capability aims to boost user engagement by enabling direct money transfers within the platform.

While details about potential crypto asset integration remain unconfirmed, speculation continues about the inclusion of Dogecoin, given Musk’s previous support for the digital currency.