Elon Musk’s vision for an “everything app” has taken another small, but not insignificant, step closer to becoming a reality.
X, the tech giant formerly known as Twitter, is now licensed for payment processing in a dozen US states.
It comes after money transmitter licences were granted in the states of South Dakota, Kansas and Wyoming in late November.
Over the past few months, beginning in June, licences were approved in Arizona, Georgia, Iowa, Maryland, Michigan, Mississippi, Missouri, New Hampshire and Rhode Island.
Musk confirmed the news in response to an article published by The Street, which focused on the addition of the 10th state, South Dakota. The wealthiest individual in the world simply wrote “progress”.
However, the database kept by the Nationwide Multistate Licensing System (NMLS) now shows X Payments LLC – the division at X responsible for money transfer – as being ‘authorised to conduct business’ in a total of 12 states.
X: The everything app
X: The everything app
He initially fluctuated between use of ‘Twitter’ and ‘X’ in his public rhetoric, before ultimately launching a complete rebrand which began at the end of July.
In truth, it remains to be seen what future versions of X will offer. Comparisons have been made with the Chinese super app, WeChat, which boasts more than a billion monthly users and allows people to communicate, book appointments and pay for goods – all using a single platform.
Banking, dating and video calling are just some of the proposed services which are almost certain to be incorporated into the expanded platform, but the question is how much of an appetite there will be in the West for this one-stop-shop.
The latest developments certainly point toward crypto being integrated into X, which will be able to store, transfer and exchange digital currencies on its users’ behalf thanks to the newly-granted licences.
BizClik is a global provider of B2B digital media platforms that cover executive communities for CEOs, CFOs and CMOs, as well as leaders in Sustainability, Procurement & Supply Chain, Technology & AI, Cyber, FinTech & InsurTech. We also cover industries including Manufacturing, Mining, Energy, EV, Construction, Healthcare and Food & Drink.
BizClik, based in London, Dubai and New York, offers services such as content creation, advertising and sponsorship solutions, webinars and events.