These signs confirm X is about to launch payments service
X, the company formerly known as Twitter, is making significant progress toward the launch of its highly anticipated payment service. The move aligns with CEO Elon Musk's vision to transform X into an "everything app." App researcher Nima Owji has discovered that X is integrating a "Payments" button into the navigation bar under the bookmarks tab. Owji shared his findings with TechCrunch, revealing references to new payment features such as "transactions, balance, and transfer."
Musk's vision for X's payment service nears reality
Musk, upon acquiring Twitter, wanted to transform the platform wherein users could store money in their social media accounts, send payments to other users, and potentially access money market accounts. The recent findings by Owji suggest that the launch of this payment service is imminent. This development aligns with Musk's earlier projection of a mid-2024 launch date shared during an interview on X Spaces with Ark Invest CEO Cathie Wood in December.
X has secured licenses for money transfers in the US
In addition to developing its payment features, X has been actively working on obtaining money transmitter licenses. These licenses would allow it to facilitate money transfers within the US As of last week, X Payments, a wholly owned subsidiary of X, was granted a license in North Dakota. This approval brings the total number of states where it has received approval to 33.
X's payment service: A new revenue stream amid challenges
The introduction of a payment service comes as X faces challenges in generating revenue through advertising. The company has just filed an antitrust lawsuit against advertising groups following an advertiser boycott that resulted in significant financial losses for X. The upcoming payment service represents an alternative source of revenue for the company, offering a potential solution to its current financial predicament.
