Elon Musk's plans to introduce a payment solution on X (formerly Twitter) got new legs to go on over the weekend. Over 100,000 now follow X Payments, a new Twitter account that appeared on Friday. Currently, the account has not published any records, but is put in the context of the fact that there are now 14 US states that have granted X a money license.
The currently last state to have awarded X a money license is Utah, which, according to a database, granted X a banking license last week. Other states that have awarded X a money license include Pennsylvania, Arizona, Georgia, Wyoming and Maryland, among others. X needs a money license, or a license for processing money, in every U.S. state in order to realize its plans. First with a money license, X could enable users to send money to each other, a la PayPal's payment app Venmo or Nordic Vipps.
A payment solution via X is part of Elon Musk's vision to turn X into a “super-app”. This term is often used to refer to mobile apps that, in addition to being a social medium, also support messaging, payments, e-commerce and the use of other mini-programs through the app. At the same time, Musk's plans for a payment service can also be seen in the context of the evolution of other technology companies such as Apple and Google, which, through their digital wallets, have become, in effect, large banks, except in name.
There is little doubt about Musk's vision. He has also stated that X's payment solution is making progress and that “peer-to-peer” payments are going to be available during 2024. At the same time, not much concrete information has been released about X Payments. It is therefore often speculated as to whether X is going to support cryptocurrencies. The meme coin Dogecoins, for example, is getting a strong price impact Musk is making or is in the news, which also happened over the weekend. Many observers also think that payment solutions based via smart contracts on Lightning, a network built on the Bitcoin blockchain, should be an obvious candidate. But when asked a specific question about Lightning in a recent audio event, which Kaupr also attended, Musk replied, “I don't spend a lot of time thinking about cryptocurrency.”
Here you will find the new profile X Payments.
Elon Musk's plans to introduce a payment solution on X (formerly Twitter) got new legs to go on over the weekend. Over 100,000 now follow X Payments, a new Twitter account that appeared on Friday. Currently, the account has not published any records, but is put in the context of the fact that there are now 14 US states that have granted X a money license.
The currently last state to have awarded X a money license is Utah, which, according to a database, granted X a banking license last week. Other states that have awarded X a money license include Pennsylvania, Arizona, Georgia, Wyoming and Maryland, among others. X needs a money license, or a license for processing money, in every U.S. state in order to realize its plans. First with a money license, X could enable users to send money to each other, a la PayPal's payment app Venmo or Nordic Vipps.
A payment solution via X is part of Elon Musk's vision to turn X into a “super-app”. This term is often used to refer to mobile apps that, in addition to being a social medium, also support messaging, payments, e-commerce and the use of other mini-programs through the app. At the same time, Musk's plans for a payment service can also be seen in the context of the evolution of other technology companies such as Apple and Google, which, through their digital wallets, have become, in effect, large banks, except in name.
There is little doubt about Musk's vision. He has also stated that X's payment solution is making progress and that “peer-to-peer” payments are going to be available during 2024. At the same time, not much concrete information has been released about X Payments. It is therefore often speculated as to whether X is going to support cryptocurrencies. The meme coin Dogecoins, for example, is getting a strong price impact Musk is making or is in the news, which also happened over the weekend. Many observers also think that payment solutions based via smart contracts on Lightning, a network built on the Bitcoin blockchain, should be an obvious candidate. But when asked a specific question about Lightning in a recent audio event, which Kaupr also attended, Musk replied, “I don't spend a lot of time thinking about cryptocurrency.”
Here you will find the new profile X Payments.
