Elon Musk’s X Platform Getting Closer to Payment Features in New York and California
Elon Musk’s big plans for his social media platform X are coming together as the company gets closer to getting approval for money transmitter licenses in key states. Speaking at the Morgan Stanley tech conference, Musk said X could soon offer payment features in New York and California.
Since purchasing the platform formerly known as Twitter in 2022, Musk aims to transform X into an “everything app” akin to Tencent’s WeChat in China. This involves expanding its functionalities beyond social media, such as enabling users to send money to each other directly through the app. By integrating diverse services within X, Musk envisions creating a comprehensive platform that caters to various user needs, fostering a seamless and convenient experience for its users.
Getting approval for money transmitter licenses is crucial for X to work nationwide. Musk said it might take a few months to get approved in New York, but California could give the green light in a month. These states are important because they have long approval processes and lots of users.
Although New York and California are the primary targets for approval, X has already secured money transmitter licenses in states like Pennsylvania and Utah. This means X can operate legally in these states, offering its payment services to users without any issues. This broader approval indicates X’s readiness to expand its services across various regions, ensuring users can access its features regardless of their location.
During the conference,
Musk talked about making changes to X’s user experience, like possibly hiding likes and reposts on posts. He thinks these features might make the platform look too cluttered.
As Elon Musk keeps working on his ideas for X, getting regulatory approval is a major step forward. It means X can do more than just regular social media stuff. It opens up possibilities for new features and services, making X a more versatile platform for users.
