X is close to launching its payment service

X, formerly known as Twitter, is advancing its plans to introduce a payments system, aligning with Elon Musk's vision of transforming it into an "everything app." App researcher Nima Owji revealed that X is working on integrating a "Payments" feature with functionalities like transactions and transfers. This development supports Musk's earlier goal to enable users to store money, make payments, and access financial services on the platform by mid-2024. The company is also securing money transmitter licenses, now authorized in 33 states, including recent approvals in North Dakota and others.

Facing advertising revenue challenges, X aims to diversify its income streams with this payments initiative. Recently, X filed an antitrust lawsuit against advertising groups due to an advertiser boycott impacting its finances.

Source: TechCrunch