Musk’s X Payments Gets License, Nears Launch

Elon Musk’s X Payments received a new money transmitter license in South Carolina. X Payments now has license in 29 US states, with rollout planned this year.

According to sources who know the situation, X Payments by Elon Musk has been granted a new money transmitter license in South Carolina. X Payments is on the brink of implementing payments on the social media platform, as it has been granted licenses in 29 states to secure approval.

The company is currently investigating the possibility of offering payment features this year. It is a component of the initiative to transform the platform into an “all-encompassing app.”

X Payments Gets License in South Carolina

DogeDesigner, a prominent figure in the X and Dogecoin communities, reported in an X post on June 24 that X Payments has obtained a money transmitter license in South Carolina. He also mentioned that X has now been granted licenses in 29 states. After initially applying for licenses in 32 states, the organization is now seeking permits in 50 states nationwide.

X Payments’ rollout has been confirmed in the following states: Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming, as of the most recent license.

Elon Musk previously declared his intention to introduce a payment service in mid-2024. According to X Payments LLC, the organization obtained its previous Kentucky license on May 10.

CoinGape recently disclosed that documents about money transmitter licenses in numerous states disclosed payment features for the social media platform similar to Venmo. Additionally, X intends to impose minimal fees for its payment services.

The organization informed regulators that its objective is to enhance its business by providing incentives to encourage “increased participation and engagement” on X. Merchant fees and banking services, such as checking accounts, are anticipated to generate substantial revenue.

Dogecoin Community Eyes Announcement on Integration

The Dogecoin community eagerly anticipates any indications from Elon Musk regarding his intentions to incorporate DOGE into the payments network. Nevertheless, X previously disclosed that they are not presently integrating cryptocurrency due to the need for regulatory clarity.

According to a FAQs section on the official website, Tesla has implemented Dogecoin as a payment method for specific products. The action was taken months after Elon Musk suggested that Dogecoin could be accepted as an official form of payment for its vehicles in the future.

The current price of DOGE is $0.1192, representing a 4% decrease over the past 24 hours. The 24-hour low and high are $0.1158 and $0.1262, respectively. Additionally, the trading volume has increased by 167% due to frantic selling in the cryptocurrency market.