2024-04-24 07:06:12
X (formerly Twitter) has published details of its payment service: users will soon be able to use the platform like a bank account.
Christopher Stanley, head of payments at X, said the company will soon add an in-app wallet that X users can use to store and send money. He added that the aim of the service is to create a financial ecosystem.
“I can’t just tip money anymore. I can send money to X, store it in X Wallet, and transfer it to another user. Consider Venmo. Then, as things progress , I can earn interest and then buy products in store (think Apple Pay). The end goal is that we don’t have to encourage you to transfer money from your wallet, because you can do everything you need. you need on our platform » – he explained.
When is the new service from X expected?
The man’s comments came shortly following X obtained authorization in the state of Tennessee on April 19, and therefore already has instant money transfer licenses in 25 US countries. On December 21, 2023, Elon Musk announced that the company plans to launch in-app payment services in mid-2024. According to his hopes, the platform would have been launched earlier, but the “bureaucratic processes made his work difficult.”
X’s upcoming payments feature will initially only support fiat currencies. However, Musk reportedly asked developers to build the system in such a way that it might be expanded with cryptography functions in the future. However, although Tesla still holds 9,720 BTC, Musk confirmed in December that he was thinking less and less regarding crypto. Regardless, the company continues to work towards transforming the platform into an all-in-one app where users can not only send messages but also manage their finances. He expects X to be like China’s super app WeChat, which successfully integrated payment into the platform, revolutionizing the way people interact.
However, it is important to note that the number of users on the platform is declining, something Musk himself has already noticed. Recently, for example REMARKthat Ethereum founder Vitalik Buterin also reduced his presence on X.
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