New payment functionality are made possible by X, formerly known as Twitter, Obtaining its fifteenth money-Transmitter Licence
For the most part, X (previously Twitter) has been operating beneath the radar, with sporadic newsworthy incidents such as offering verified businesses a price reduction or forgetting to pay millions in bonuses (hey, mistakes happen). But it appears like Elon Musk’s vision of the social media platform as the “everything app” is getting closer to reality.
For the most part, X (previously Twitter) has been operating beneath the radar, with sporadic newsworthy incidents such as offering verified businesses a price reduction or forgetting to pay millions in bonuses (hey, mistakes happen). But it appears like Elon Musk’s vision of the social media platform as the “everything app” is getting closer to reality.
In June 2023, X obtained its first state money-transmitter licence in New Hampshire, in keeping with Musk’s ambition. Nods from Pennsylvania, Arizona, Georgia, Maryland, and Michigan kept the approval run going.
Several other states, like Texas, New York, and California, have not yet approved X. The ultimate objective is to obtain licences from each of the 50 states, allowing X to begin accepting money transfers from users across the country. Linda Yoccarino, the CEO of X, once stated, “We want money on X to flow as freely as information and conversation.”
Perhaps X is attempting to add some spice to its offerings beyond digital advertisements, particularly in light of its recent setbacks under Musk’s leadership. Some major sponsors, like Apple, choose to stop using the platform altogether or put it on pause. Why? That may have had something to do with Musk’s endorsement of an antisemitic conspiracy theory last year from an X user.
Following the switch from Twitter to X, which is now owned by Musk, a number of updates have been released, including numerous new features. We witnessed extended post lengths, the introduction of voice and video conversations, the introduction of multiple additional premium memberships, and much more in the first year following Musk’s takeover.
