App to be your bank account

X users will one day be able to use the platform to send money to other users, buy goods from stores and even earn interest on the money in their account, just like they do with a bank account, said the head of X Payments.

In an April 22 post, X Payments Chief Information Security Officer Christopher Stanley said X Payments' capabilities go beyond “tips only” and include an in-app wallet that can store and send money to any other X users.

“Think Venmo first. Then as things evolve, you can get interest, buy products, eventually use it to buy things in stores (think Apple Pay),” Stanley said.

Stanley added that the “ultimate goal” of Payments on X was to create a fully functional financial ecosystem where users don't have to spend money to conduct routine transactions.

“The end goal is that if you have any incentive to withdraw money from our system, we've failed. You can do whatever you want on our platform, so you don't need to withdraw money.”

Stanley's comments come three days after X obtained its Tennessee state money transmission license on April 19. With the latest approval, X has now received money transfer licenses in 25 states in the United States, according to the National Multi-State Licensing System (NMLS).

On December 21, 2023, X executive chairman Elon Musk told ARK Invest CEO Cathy Wood that it plans to launch in-app payment services in mid-2024.

Related: X launches a dedicated payment account, crypto community speculates

At the time, he said he hoped to launch financial services on the app soon but was “burdened” with bureaucratic processes.

According to several analysts, X's upcoming payment feature will initially support fiat currencies. However, Musk has reportedly ordered developers at X to build the platform's payment system to add future crypto functionality.

Despite Musk's previous enthusiasm for the cryptocurrency, Tesla still has 9,720 Bitcoin (BTC) on its books and Dogecoin (DOGE) as an accepted currency in the electric car company's merchandise store, Musk poured cold water on any. Crypto integration prospects on X.

In December, he told Love that he spends “barely any time” thinking about cryptocurrencies. Since then, he has not made any statement confirming that crypto will be used for X payments.

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