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Highlights
- Elon Musk's X payments likely to be a similar to Venmo payments app.
- It will allow users to store money on X, pay to users or businesses, and buy products and services in physical stores.
- X Payments has received money transmitter licenses from 28 US states.
- Crypto integration into X payments is currently not under the plan.
Billionaire Elon Musk revealed his plan to expand X into an “everything app” to include audio & video calling, news, payments, dating, jobs, and other features. Work on banking or payments through X Payments LLC has been on track and it will be a major milestone for the company, said Linda Yaccarino, CEO of X.
Documents related to seeking money transmitter licenses in multiple states have revealed a Venmo-like payments feature for the social media platform.
Elon Musk Plans Venmo-Like Payments For X
The major part of Elon Musk’s “everything app” plan is to launch payments on the X platform. While details of the plan are not available, documents the company submitted to state regulators for money transmitter licenses reveal Venmo-like features, as per Bloomberg.
A Venmo-like feature will allow users to store money on their X accounts, pay or transfer money to other users or businesses, and buy products and services in physical stores. Musk earlier said the payments feature is anticipated to go live in mid-2024, but details on the launch date are still not clear.
As per the documents, X plans to charge minimal fees for its payment services. The company told regulators that its goal is to offer payments to boost its business through “increased participation and engagement” on X. It plans to get major revenue from merchant fees, banking services like checking accounts.
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X Payments’ Money Transmitter Licenses
Elon Musk’s X Payments has received money transmitter licenses from 28 US states now as he plans to roll out services in mid-2024. The company has received the latest license in Kentucky on May 10, according to X Payments LLC.
As X reported earlier, it has no plans to integrate crypto into the payments network. However, Dogecoin remains in the spotlight as Musk hinted at the integration of crypto later as regulations provide further clarity.
DOGE price currently trades at $0.1192, down 11% in the past 24 hours. It is now trading at a 3-month low after a number of events impacted DOGE upside momentum including the passing of Kabosu, a Shiba Inu dog behind the Dogecoin meme.
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