X, formerly known as Twitter, has secured its 15th money-transmitter license from Utah, paving the way for new payment features on the platform. This license allows X to operate like PayPal’s Venmo, facilitating money transfers and potentially allowing users to send money to one another.
Since taking over Twitter in October 2022, Elon Musk has been on a mission to reshape the platform into an “everything app,” similar to the popular Chinese app WeChat. WeChat not only allows users to send messages and make calls but also offers a range of services, including mobile payments, ride-hailing, and food delivery. With the latest money-transmitter license, X is one step closer to realizing Musk’s vision of transforming the platform into an all-in-one app.
This strategic move by X aligns with the growing trend of social media platforms expanding their services beyond conventional communication. By venturing into the realm of digital payments, X aims to create a more comprehensive and user-friendly platform, establishing itself as a multifaceted hub for communication, information sharing, and now, secure financial transactions.
X’s move into the payments space is not surprising, given Musk’s interest in cryptocurrency and his company’s recent acquisition of a major cryptocurrency exchange. The integration of payment features into X’s platform could further expand the company’s reach and user base, catering to the growing demand for seamless and secure digital payments.
X’s acquisition of its 15th money-transmitter license marks a significant step towards the platform’s transformation into an “everything app,” offering a range of services, including payment features. With Elon Musk at the helm, X is poised to continue its evolution, catering to the evolving needs and preferences of modern users.