X Social Media Platform to Roll Out Comprehensive In-App Payment Services

Users of the X social media platform will eventually be able to use the platform for financial services including sending money to other users, purchasing items from stores, and even earning interest on their account balances.

The head of the X social media payment division has outlined a vision for X’s payment system activities. He says that users of the social network will one day be able to use it for all their financial needs.

“Christopher Stanley,” X’s Chief Information Security Officer for Payments, says in a post that the payment capabilities on the social network will go beyond tipping. He adds in his recent post that this part of the platform will be equipped with an in-app wallet that will be able to store and send money to other users.

Stanley adds that the ultimate goal of X’s payments division is to create a fully efficient financial ecosystem where users never have to withdraw money from the system to make ordinary transactions. He says in his tweet: “The ultimate goal is that the user does not need to withdraw money from the account. If the time comes when the user wants to withdraw money from our system, then we have failed. Users should never need to withdraw money. They should be able to do whatever financial things they want through our platform.”

Stanley is making these remarks just three days after X received a money transfer license in the state of Tennessee. According to reports, with the latest license X has received, the social network now has money transfer licenses in 25 states in the United States.

Elon Musk announced in December 2023 that he plans to launch in-app payment services on X in mid-2024. At the time, he said he hoped to activate financial services on the app sooner. Some sources say that X’s payment features will initially only be launched for some fiat currencies, but others say that X’s payment system will be designed to support cryptocurrencies as well.

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