What you need to know
- X (Twitter) has secured its 15th money transmitter license in Utah, which joins other states like Pennsylvania, Georgia, and Maryland.
- With this license X can legally host money transfers so users can send or receive money on the platform, similar to Paypal’s Venmo.
- Elon Musk previously stated he wants users to manage their “entire financial life” on X and expects the features to be available “by the end of” 2024.
X (formerly Twitter) has secured another license that would pave the way for new user-to-user payment options.
As reported by Reuters, the social media platform X has obtained its 15th money transmitter license from Utah on Monday, January 15 (via PhoneArena). This is wrapped in Elon Musk’s plans to bring money transfer capabilities to the platform, akin to Paypal’s Venmo. This means users on X are in line to receive money transfers, as a result.
X adds Utah to its list of obtained licenses alongside Pennsylvania, Arizona, Georgia, Maryland, Michigan, and New Hampshire.
The long-term goal is to obtain a money transmitter license in all 50 states so the platform can roll out whatever its new payment features are to everyone. However, its seat in the waiting room remains as it awaits approval from California, New York, and Texas.
In another report, Musk made it clear to his employees that users should be able to manage their “entire financial life” from the X app. Moreover, he expects the feature to be officially “rolled out by the end of next year” (2024). X’s (formerly Twitter) CEO, Linda Yoccarino adds, “We want money on X to flow as freely as information and conversation,” PhoneArena, adds.
While more specifics on “financial life management” remain a mystery, Musk has continued to rework X with features such as its latest cheaper subscription plan. Launched back in October, users could grab a subscription plan ranging from $3 to $16 that would let them edit posts, write more in posts, and gain a “small” reply boost in its Basic tier.
The more expensive Premium Plus tier removes ads from your “For You” and “Following” feeds while providing a larger boost for replies.
Also, tucked by its subscriptions Premium tier paywall are Video and Voice calls, which rolled out in October, as well. The feature appeared first on iOS devices and still has yet to roll out for Android.