X Moves Closer to Launching Payment Service

It appears that X (formerly Twitter) is progressing on its impending payments system, bringing it closer to Elon Musk’s vision of transforming X into an “everything app”

The company is currently incorporating a “Payments” button into the navigation bar, which is located under the bookmarks menu, as per a recent discovery by app researcher Nima Owji. Owji made the discovery yesterday and informed TechCrunch that he discovered references to new payment features, including “transactions, balance, and transfer.”

Musk initially envisioned a platform allowing users to retain money in their X accounts, send payments to other users, and potentially access high-yield money market accounts when he acquired the social networking app formerly known as Twitter.

The most recent discovery indicates that the launch of a payment service is imminent, which is consistent with Musk’s previous objective of mid-2024, which he disclosed to Ark Invest CEO Cathie Wood during an interview on X Spaces in December.

Furthermore, the organization has been making strides in pursuing money transmitter licenses, enabling it to conduct money transfers within the United States. Last week, a license was granted to X Payments, a wholly owned subsidiary of X, in North Dakota, increasing the total number of states to 33.

It was authorized in the District of Columbia, California, and Alabama in July. Illinois, Louisiana, Nebraska, New Mexico, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Utah, Virginia, and West Virginia are among the other states.

The payment service is X’s attempt at an alternative source of revenue, as the company is currently experiencing difficulties monetizing through advertising. The company recently filed an antitrust lawsuit against advertising organizations on Tuesday in response to an advertiser boycott that caused substantial financial losses for X.