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In a significant development, Elon Musk’s social media platform, formerly known as Twitter, has received approval for payment services in Pennsylvania. This milestone aligns with Musk’s vision of transforming X into an “everything app,” allowing users to manage their “entire financial life” within the platform.
This approval enables X to facilitate money transfers, akin to other payment systems like PayPal’s Venmo. TechCrunch previously reported that the company had obtained licenses in South Dakota, Kansas, and Wyoming earlier this year. Furthermore, X registered in Iowa and Mississippi in September, followed by Georgia, Maryland, and Rhode Island in August. In July, it secured approvals in Arizona, Michigan, and Missouri, and by the end of June 2023, New Hampshire was added to the list.
While X still needs approval in additional states to offer payment services nationwide, Musk envisions expanding features for users with over 500 followers and five million organic impressions, allowing for advertising revenue sharing.
Amid controversies and advertiser exits related to hate speech endorsements, X has shifted its focus to small businesses. During an all-hands call with employees in October 2023, Musk emphasized the platform’s ambition in the payments sector, stating, “When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
Musk expressed confidence in rolling out these features by the end of the next year, aiming to offer a comprehensive financial experience within the X platform.
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