Social media platform X is reportedly advancing its efforts to introduce a comprehensive payment service. According to recent developments, the platform is working on adding a “Payments” button to its navigation bar, signifying its move towards becoming an “everything app.”
In addition to the Payments button, references to transactions, balances, and transfers have been discovered within the app. This follows X subsidiary X Payments’ acquisition of a money transmitter licence in North Dakota, bringing the total number of US states where it holds such licences to 33.
Ambitious plan
X’s owner, Elon Musk, has outlined ambitious plans for the company to launch a payment service by mid-2024. The service aims to enhance user engagement by integrating various financial functionalities. Plans reported in June indicate that X is developing a digital dashboard for its website and mobile app. This dashboard will serve as a hub for all payment activities, allowing users to send and receive money, store funds, and view transaction history.
The company is expected to charge a small fee for certain transactions. This strategy is part of a broader business plan submitted to regulators in Massachusetts, aiming to increase user participation and engagement through financial services.
Musk has a vision of transforming X into a payments super app, encompassing all aspects of users’ financial lives. This vision includes not just simple transactions, but comprehensive financial services that could eliminate the need for traditional bank accounts.
The rebranding of Twitter as X in April 2023 marked a significant step towards this goal. Musk envisions the platform’s value increasing tenfold as it becomes integral to users’ financial activities. The company’s ongoing efforts to integrate payment services are a crucial part of this transformation.
