X is reportedly moving forward with its in-app payments feature sooner than anticipated. Recent developments suggest that Elon Musk-owned X might be accelerating the rollout of its payment system on the platform. An app researcher recently uncovered a screenshot showing a new “Payments” option in the navigation bar, just below the Bookmarks button on X.
New Features in Payments Tab
The screenshot revealed additional options within the new Payments tab, including transactions, balance, and transfer features. X Payments, a subsidiary of the social media platform, has secured money transmitter licences in 33 states across the United States. These licences are crucial for any business involved in money transfers within the country.
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Licences and Regulatory Compliance
According to TechCrunch, obtaining these licences is a required step for companies that aim to conduct financial transactions and money transfers across state borders. This achievement demonstrates X Payments’ commitment to expanding its financial services and adhering to regulatory standards across a large part of the U.S. market.
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Steps Toward Becoming a Super App
Introducing its own payment service would align with Musk’s vision of transforming X into a super app. When Musk acquired X, formerly known as Twitter, he reportedly had plans for features that would allow users to store funds and transfer money within the platform.
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The accelerated rollout of X’s payments feature might also be a strategy to diversify the company’s revenue streams. X has been facing challenges in generating income through advertising, leading to financial difficulties. Recently, the company took legal action against advertising groups that boycotted the platform, signalling its intent to explore alternative sources of income.
As X moves closer to launching its in-app payment service, it edges nearer to Musk’s broader vision for the platform, which could reshape its role in the digital economy.
