- Elon Musk’s ambition is to turn the old Twitter into a super app
- And this project involves integrating a payment system into the platform
- Recently, X got another green light to offer this payment system
As you may already know, Elon Musk’s plan for X, formerly Twitter, is to make it a great app that packs multiple features. Musk may be inspired by WeChat in China, for the microblogging platform to become an indispensable tool in daily life. This project naturally includes a payment system that will be integrated into the application.
At the moment we have little official information about this payment feature for X. But in any case, everything suggests that it is under development. As our colleagues from Cointelegraph report, in the US state of Rhode Island, X has obtained a license that allows it to store, transfer and exchange digital currencies.
And according to the same site, financial services permits were reportedly obtained by X in July in the states of Michigan, Missouri and New Hampshire.
Future PayPal competitor?
Gradually, X obtained the necessary green light to offer a payment service in the United States, which would allow him, a priori, to offer a system similar to PayPal. For the moment we do not know the details of this future payment service. But sources say X may offer payments in fiat currency first. But the platform could then tackle payments and cryptocurrency exchanges.
And this is not surprising, since Elon Musk has always been interested in cryptocurrencies, and especially Dogecoin (Musk’s decisions sometimes affect the value of this cryptocurrency). But what is certain today is that X will not issue its own cryptocurrency. This was clarified by Elon Musk, in a response posted last August.
And we never will
— Elon Musk (@elonmusk) August 5, 2023
Otherwise it should be remembered that the fact that Twitter has been renamed X also brings us closer to the launch of this payment service. “X is the future state of limitless interactivity – centered around audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services and opportunities. Powered by artificial intelligence, X will connect us all in ways we’re only beginning to imagine.”wrote Linda Yaccarino, CEO of X, during the announcement of the new brand of the social network.
X is the future state of limitless interactivity – centered around audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services and opportunities. Powered by artificial intelligence, X will connect us all in ways we’re only just beginning to imagine.
— Linda Yaccarino (@lindayaX) July 23, 2023