X CEO's Big Reveal: Get Ready for In-App Payments

In an announcement today, Linda Yaccarino, CEO of X (formerly Twitter), unveiled the company's upcoming foray into the realm of payment features.

She conveyed this development through a video presentation, offering insights into a diverse range of features soon to be introduced.

These encompass peer payments, facilitating scenarios such as settling debts with friends, retail payments for seamless online shopping experiences, and rewards for users to harness their uniqueness as a source of income.

The video also shed light on an array of non-financial features that X is diligently working on, encompassing article sharing, multimedia content sharing encompassing photos and videos, the immersive audio experience of Spaces, and video calls.

These forthcoming enhancements are set to enrich the user experience, forging deeper connections within the X community.

X's ambitious vision extends beyond conventional social media, as it seeks to integrate all these experiences into its Everything app.

Rumours surrounding X's venture into payments began to circulate as the company secured payment licenses across various United States (US) states, predominantly during July and August.

Current records confirm X's attainment of money transmitter and analogous licenses in states including Arizona, Georgia, Maryland, Michigan, Mississippi, Missouri, New Hampshire, and Rhode Island.

Furthermore, X has diligently filed applications with the Financial Crimes Enforcement Network (FinCEN), signalling its intent to offer payment services nationwide.

While X's initial payment services do not appear to encompass cryptocurrency-related features, previous reports have suggested that this avenue remains open for exploration.

Notably, a recent post purportedly attributed to Elon Musk hinted at the introduction of a modest monthly fee for all X platform users, sparking controversy.

However, Community Notes have labelled this post as deceptive, emphasising the need for discernment in evaluating such claims.