X is now licensed for payment processing in a dozen U.S states, per TC.
Elon Musk is advancing his plans to transform the platform formerly known as Twitter, now referred to as X, into an all-encompassing application that incorporates its own payment system.
The company secured three additional money transmitter licenses in November, expanding its approval to twelve U.S. states, including South Dakota, Kansas, and Wyoming. Previously licensed states are Arizona, Georgia, Iowa, Maryland, Michigan, Mississippi, Missouri, New Hampshire, and Rhode Island. Musk, confirming the new registrations on X, has consistently expressed his vision of turning X into a payment platform, allowing users to send and withdraw money on the platform, potentially even involving high-yield money market accounts.
This move puts X in competition with payment giants like PayPal. The integration of payments aligns with X's broader strategy in the creator economy, offering eligible users revenue-sharing opportunities based on their followers and post impressions.
X is now licensed for payment processing in a dozen U.S states
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