X is getting closer to launching its payment service

X, formerly known as Twitter, is making significant strides towards launching its much-anticipated payment system, aligning with Elon Musk’s vision of transforming X into an “everything app.”

New Payment Features on the Horizon

App researcher Nima Owji recently uncovered compelling evidence of X’s progress. Owji discovered a “Payments” button being integrated into the navigation bar, nestled under the bookmarks tab. This finding was shared on his Twitter account on August 5, 2024:

“BREAKING: X Payments is coming soon! pic.twitter.com/8JBIHjHOls”
— Nima Owji (@nima_owji) August 5, 2024

Owji revealed to TechCrunch that he found references to various new payment features, including options for “transactions, balance, and transfer.” This discovery suggests that the launch of X’s payment service is imminent, aligning with Musk’s ambitious timeline.

Musk’s Vision for an “Everything App”

When Elon Musk acquired Twitter, he envisioned a platform far beyond social networking. His goal was to create a comprehensive service where users could store money, send payments to one another, and potentially access high-yield money market accounts—all within their X accounts. The recent developments indicate that Musk’s vision is inching closer to reality, potentially launching by mid-2024, a target he shared with Ark Invest CEO Cathie Wood during an interview on X Spaces last December.

Regulatory Progress and State Approvals

A critical aspect of launching a payment service involves obtaining the necessary regulatory approvals. X Payments, a wholly-owned subsidiary of X, has been diligently working towards this goal. Last week, X Payments secured a money transmitter license in North Dakota, increasing the total number of licensed states to 33. This follows approvals in Alabama, California, and the District of Columbia in July. The list of approved states also includes Illinois, Louisiana, Nebraska, New Mexico, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Utah, Virginia, West Virginia, and more.

Diversifying Revenue Streams Amid Advertising Challenges

As X faces challenges in monetizing through traditional advertising, the introduction of a payment service represents a strategic pivot towards alternative revenue sources. The significance of this move is underscored by X’s recent legal actions. On Tuesday, the company filed an antitrust lawsuit against advertising groups over an advertiser boycott that led to substantial financial losses for X.

The impending launch of X Payments could be a game-changer, offering users new financial functionalities while providing the company with a fresh revenue stream. This development marks a pivotal moment in X’s evolution, as it strives to become an all-encompassing digital platform.

Stay tuned for more updates as X continues to roll out its innovative payment features and moves closer to realizing Elon Musk’s grand vision.