@Xpayments Account Surfaces on Elon Musk’s X – What Does It Mean?

On January 19, an “X Payments” account surfaced on social media platform X, seemingly another step in Elon Musk’s company’s ongoing efforts to operate a peer-to-peer payments service as he continues to secure money transmitter licenses throughout the United States.

Musk has always been keen to transform X into a key player in global financial operations, a vision he has specifically been vocal about since his acquisition of the company for $44 billion in 2022.

The inclusion of digital assets in X’s plan is a topic of much discussion. Nevertheless, Musk has clarified that the primary focus will still be on fiat transactions, in terms of dedicating engineering resources.

So far, X has obtained several money-transmitter licenses, with states like Michigan, New Hampshire, Missouri (who were the first) and ten others already having granted approval. In a recent collaboration, the company has partnered with eToro, the exchange platform, to facilitate crypto and stock trading directly from the app.

Meanwhile, X has also decided to pull back on certain web3 features. For instance, the NFT profile photos feature, introduced soon after Musk’s takeover, has been discontinued.

At time of writing, no official announcement was made regarding the X Payments page, which so far has caught the attention of 1,734 followers.