Coinspeaker
Elon Musk’s X to Roll Out Payment Services by Mid-2024
Billionaire tech entrepreneur Elon Musk, CEO of Tesla and SpaceX, recently disclosed that his social media platform, X, will launch its in-app payment services by mid-next year.
Musk shared the news during a space conversation with Cathie Wood, CEO of ARK Invest, on December 21. The discussion covered various topics, including artificial intelligence (AI) and Bitcoin (BTC).
Looking forward to talking with @elonmusk today at 5 pm ET on X Spaces! Can’t wait to hear his thoughts on the AI space, bitcoin, and so much more. Join us. https://t.co/LAdIzl7QAa
— Cathie Wood (@CathieDWood) December 21, 2023
X to Start Payment Services in 2024
During the space conversation, Musk said he hoped to have introduced the payment services on the social media platform, formerly known as Twitter, sooner. However, he faced challenges due to bureaucratic processes and attributed the delay to submitting applications for the money transmitter license “a bit late”.
Nevertheless, Musk remained optimistic, believing there are no potential “showstoppers” that could hinder the approval of the applications.
With X now obtaining payment licenses across a dozen states in the United States, Musk said the app is ready to start its payment services come 2024 at an undisclosed date.
Most recently, the social media platform obtained authorization from three US states, Dakota, Kansas, and Wyoming, in late November. These approvals allow the company to operate in the region as a payment processor in compliance with local regulations.
Before these recent authorizations, the platform had already received regulatory approval to offer payment services to users in Arizona, Georgia, Iowa, Maryland, Michigan, Mississippi, Missouri, New Hampshire, and Rhode Island.
While Musk did not disclose whether the payment services would include crypto, many proponents of the emerging economy hoped that the offering on X would include digital assets such as Dogecoin (DOGE) and BTC.
Musk has also clarified that he hardly spends time thinking about digital assets despite being an ardent supporter of DOGE. The billionaire entrepreneur has even been nicknamed DOGE’s father due to his public support for the memecoin.
X to Become Everything App
Musk disclosed his plans to turn X into an everything app after acquiring the platform for $44 billion last year.
In October, Coinspeaker reported that the billionaire entrepreneur wants to turn the app into a financial hub that caters to users’ financial needs. Musk intends to make this plan a reality before the end of next year. The move aims to streamline how people manage their finances on the platform.
Apart from the intended financial services, Musk has other ambitious plans for X. The Tesla and SpaceX CEO wants to incorporate dating features into the platform.
If successful, users can connect with potential partners and spouses just like other traditional dating sites such as Tinder.
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Elon Musk’s X to Roll Out Payment Services by Mid-2024