X, the favourite social media platform of Elon Musk, is gearing up to launch payments support similar to PayPal or Venmo.
While there’s no timeline on when it could launch, X has obtained the transmitter licence from Utah and 14 other US states already. Hoping to convince the rest of the country gradually, X aims to bring payments to everyone by the end of 2024.
Financial Transactions on X
X under Elon Musk is transforming rapidly every day. While some changes are controversial, some expand the platform’s usability. One among them is payments, which are set to arrive sometime later this year.
Elon Musk has earlier stated that X users can send money to each other one day, similar to PayPal or Venmo, making it an all-in-one platform. In this pursuit, X has reportedly obtained a relevant licence from Utah this week, to offer payment support.
Alongside Utah, X obtained permission from Pennsylvania, Arizona, Georgia, Maryland, Michigan and New Hampshire. As it hopes to attain licences from the rest of the country, major states like California, New York and Texas are still pending.
In another report, Musk told his employees that users on X should be able to manage their “entire financial life” one day. Expecting the payment feature to roll out by the end of 2024, X CEO Linda Yaccarino said, “We want money on X to flow as freely as information and conversation”.
As we wait to learn more about what Musk’s “financial life management” on X is, the platform is working on expanding it’s current offerings to more regions. It launched an ultra-basic tier ranging from $3 to $16 in October last year, allowing users to edit posts, write more in posts and gain a “small” reply boost.
The more expensive Premium Plus tier, on the other hand, removes ads from your “For You” and “Following” feeds and provides a more significant boost for replies. Also, the Premium tier offers Video and Voice calls, making X a true all-rounder platform.
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