X Might Roll Out Its In-App Payments Feature Sooner Than We Thought, Here's Why

X Payments, a subsidiary of the social media company owned by Elon Musk, has successfully secured money transmitter licenses in 33 states across the United States.

These licenses are essential for businesses that wish to operate in the money transfer sector within the country.

Source : Unsplash/BoliviaInteligente

There were rumours doing rounds in the market about X's upcoming new payment system but it seems like the plan has been pre-poned. According to reports, Elon Musk-owned X might be gearing up to roll out its payment system on the platform sooner than we thought. An app researcher recently revealed a screenshot that allegedly showed a new ‘Payments’ option below the Bookmarks button in the navigation bar of X.

According to the screenshot, the user found additional options related to transactions, balance and transfer under the new tab. X Payments, a subsidiary of the social media company owned by Elon Musk, has successfully secured money transmitter licenses in 33 states across the United States. These licenses are essential for businesses that wish to operate in the money transfer sector within the country.

BREAKING: X Payments is coming soon! pic.twitter.com/8JBIHjHOls

— Nima Owji (@nima_owji) August 5, 2024

According to a report by TechCrunch, acquiring these licenses is a mandatory step for companies intending to engage in financial transactions and money transfers across state lines. The achievement reflects X Payments' commitment to expanding its financial services and complying with regulatory requirements in a significant portion of the US market.

X To Become The 'Super App'?

Introducing its own payment service would move the platform closer to fulfilling Musk’s goal of transforming X into a super app. When the billionaire acquired X (formerly known as Twitter), he had reportedly envisioned features that would allow users to store funds in their accounts and transfer money to other users on the platform.

Accelerating the rollout of X’s payments feature might be the company’s strategy to diversify revenue streams, especially in light of recent difficulties in generating income through advertising. X has faced significant financial setbacks, recently taking legal action against advertising groups that boycotted the platform.