X to launch payment services with “transactions & balance & transfer” features
X / Elon Musk Social media platform X is set to continue to reveal new features, as a payments interface has been spotted within the app.
Since Elon Musk took over X (formerly Twitter), he has been vocal about making it a “super app” that is more than just a social media platform.
Now, signs of X getting payment options have been spotted by app researcher Nima Owji. Based on his findings shared on X, the company will likely add a “Payments” button to the navigation bar under the bookmarks tab.
Owji also told TechCrunch that: “he found references for new payment features, such as transactions, balance, and transfer.”
If true, then X users might not only be able to make or receive payments but also hold money in their X wallets – though this would be subject to compliance with local laws and regulations.
Notably, X has been acquiring licenses for payment processing in various states. It now has regulatory approvals to remit payments in 33 states, according to TechCrunch.
The acquisition of permits in the remaining states will pave the way for the company to formally announce its money transfer services in the United States.
Musk has spoken about making X/Twitter an “everything app” drawing inspiration from the Chinese social media app, WeChat. In an interview, he stated that he wants users to: “connect their online bank accounts to the social media service, with the company moving later into debit cards, checks, and whatnot.”
In an all-hands meeting in 2023, Musk suggested that the payments feature on X will replace bank accounts and expected the features to launch by the end of 2024.
He said, “When I say payments, I actually mean someone’s entire financial life. If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
If X rolls out the payment feature, it would be Musk’s second attempt at introducing an online payment transmitting service. He previously co-founded PayPal, a digital payments company, before it was sold to eBay in 2002.