X Releases Payment Details, Involves Crypto?
X Releases Payment Details, Involves Crypto?
X users are planned to be able to use the app's payment feature to send money to other users, buy goods at stores, and even earn interest from savings in their accounts.
X: Social Media App and Bank in One
X users will one day be able to use the platform to send money to other users, buy goods from stores, and even earn interest from money stored in their accounts just like with a bank account. In a post dated April 22, 2024, X's chief information security officer, Christopher Stanley, said that X's payment capabilities would be more than just tipping and would evolve to include an in-app wallet capable of storing and sending money to other X users.
"Think of Venmo initially. Then, as it evolves, you can earn interest, buy products, and eventually use it to make purchases in stores (think Apple Pay)," Stanley said.
Stanley added that the ultimate goal of payments on X is to create a fully functioning financial ecosystem where users never need to withdraw funds for regular transactions.
"The ultimate goal is if you ever have a reason to withdraw money from our system, then we have failed. You should never need to withdraw money because you should be able to do anything you need on our platform," Stanley explained.
Stanley's statement came just three days after X obtained a money transmission license in the state of Tennessee on April 19, 2024. With the latest license acquired, X now holds money transmission licenses in 25 states in the United States, according to the Nationwide Multi-State Licensing System (NMLS).
At that time, Stanley said he hoped to launch financial services in the app sooner, but was hindered by bureaucratic processes.
Initially, the upcoming X payment feature would only support fiat currencies. However, Elon Musk reportedly instructed developers at X to build the platform's payment system in such a way that crypto could be added in the future.
Some speculate that the crypto asset Dogecoin (DOGE) has a good chance of becoming a payment method choice if X payments integrate crypto. However, Elon Musk has not mentioned crypto or DOGE for a long time.
Conclusion
X's release of payment details marks a significant step towards transforming the platform into not just a social media app, but also a fully-fledged financial ecosystem. With plans to enable users to send money, make purchases, and earn interest within the app, X is poised to offer a comprehensive range of financial services. Christopher Stanley's vision of a seamless system where users never need to withdraw funds underscores the ambitious goal of creating a self-sufficient financial platform.
The recent acquisition of a money transmission license in Tennessee and the expansion to 25 states demonstrate X's commitment to regulatory compliance and widespread accessibility.
Despite initial limitations to fiat currencies, Elon Musk's directive to incorporate crypto suggests a forward-looking approach to payments. While speculation surrounds the potential integration of Dogecoin, Musk's silence on the matter leaves room for uncertainty.
Overall, X's foray into payments, coupled with its aspirations for financial inclusivity and innovation, sets the stage for a promising evolution towards a multifaceted digital ecosystem.
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