TECH - Elon Musk's X Inches Closer To Payment Features With Pennsylvania License | Benzinga
Elon Musk’s social media platform X has just made a significant stride towards offering payment services, having obtained a money-transmitter license from Pennsylvania.
What Happened: Reuters revealed that X, previously known as Twitter, was granted a license by Pennsylvania, a crucial step in its journey towards enabling money transfers. This unannounced nod, given on Monday, allows users to transfer money among themselves, akin to PayPal’s Venmo.
After purchasing Twitter in October 2022, Musk has voiced plans to revolutionize the platform into an “everything app”, mirroring China’s WeChat. Musk informed X employees of his vision for users to conduct their “entire financial life” on the platform, with new features expected by the end of next year, The Verge reported.
To offer payment services across the U.S., X requires approval from each state, a process that could stretch up to 18 months and cost millions, as per Aaron Klein of the Brookings Institution. Other states that have authorized X for money-transmitter licenses include Arizona, ...