Elon Musk’s X to Launch In-App Payment Services by 2024
Elon Musk, the brilliant mind behind firms such as SpaceX and Tesla, is expanding his current business, X (previously known as Twitter), into new regions with the projected debut of in-app payment services by the middle of 2024. This move is part of Musk’s plan to transform X into an “everything app,” which has garnered significant attention and discussion.
Musk’s Ambitions for X
In a recent chat with Cathie Wood of ARK Invest, Musk shared his ambitions for X. He expressed optimism that a payment mechanism would be fully integrated into the platform by mid-2022. However, the success of this plan depends on the acceptance of several applications for money transmitter licenses, which has been delayed by bureaucratic processes.
Less Emphasis on Cryptocurrencies
Despite Musk’s fondness for cryptocurrencies, including Dogecoin (DOGE) and Bitcoin (BTC), X’s payment services seem to be less focused on the incorporation of cryptocurrencies. Musk’s other businesses, such as Tesla and The Boring Company, have previously shown a willingness to accept cryptocurrencies. Tesla still holds approximately $148 million worth of Bitcoin, and the company allows customers to pay with Dogecoin. The Boring Company also started accepting Dogecoin for trips on their public transportation system in Las Vegas in 2022.
However, Musk recently downplayed his interest in digital assets, stating, “I don’t spend a lot of time thinking about cryptocurrency.” While he emphasized the need to be vigilant against currency manipulations, this statement suggests a shift away from the previous focus on cryptocurrencies.
X’s Progress and Future Development
To prepare for the launch of in-app payment services, X has already obtained a critical Pennsylvania license that will enable it to facilitate money transfers similar to services like Venmo. This achievement marks a significant step towards realizing Musk’s vision for the platform.
CEO of X, Linda Yaccarino, also sees 2024 as a significant year for the platform’s development. The successful debut of the payment system has the potential to revolutionize user interactions by combining the sharing of ideas with financial transactions.
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