X payments details released: App to become your bank account

The head of payments at X predicts that in the future, a large number of users will have the ability to send funds to each other, buy merchandise from outlets, and accrue interest on their balances – similar to managing a traditional bank account – through the use of our platform.

On April 22, Chris Stanley, the chief information security officer at X Payments, announced that X’s payment features will extend beyond simple tips and offer an in-app wallet for users to store and transfer funds to one another within the X platform.

Stanley suggested imagining Venmo as a starting point. Later on, you may discover more features, such as earning interest and purchasing items online. Ultimately, you could even utilize it for buying goods in physical stores, similar to Apple Pay.

X payments details released: App to become your bank account

Stanley explained that the ultimate objective of making payments through X is to establish a self-sufficient financial system, enabling users to carry out routine transactions without needing to withdraw funds.

Our ultimate objective is that you’ll never feel compelled to withdraw funds from our system because you can accomplish everything you require directly on our platform.

Three days ago, X obtained a money transmitter license in Tennessee, stated Stanley. This addition brings the total number of US states where X holds such licenses to 25, as confirmed by the Nationwide Multi-State Licensing System (NMLS).

X payments details released: App to become your bank account

Last December, Elon Musk, the executive chair of X, shared with Cathie Wood, CEO of ARK Invest, his intention to introduce in-app payment features on X around the middle of 2024.

He expressed his desire to start offering financial services on the app earlier, but was delayed due to the burden of administrative procedures.

Some observers note that X’s new payment function will initially only work with traditional currencies. But according to reports, Musk has directed X’s development team to create the payment system with the capability of incorporating cryptocurrency later on.

Although Musk has previously expressed great interest in cryptocurrencies and Tesla continues to possess 9,720 Bitcoins and accept Dogecoin as a form of payment for merchandise, Musk has since dampened expectations for the implementation of cryptocurrencies on X.

Starting from December, he shared with Wood that he barely gives cryptocurrency any mental effort. No recent declarations from him have indicated that digital currencies will be employed for X transactions.

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2024-04-23 08:25