X Moves Closer to Payments Vision After Securing Another US Money Transmitter License

Leading social media app X is pushing one step closer to its vision of attaining X Payments after the recent acceptance of another money transmitter license in the US.

The company just secured another application in the District of Columbia, adding to its long list of acceptances for X Payments in the country. To ensure its financial vision comes to life, the company needs to attain approvals from all states before moving on to the likes of money transfers and payments done in-stream.

This is one of Elon Musk’s biggest and broadest visions to date where it hopes to convert the app into a massive superpower online.

Musk does hope to make use of such experiences arising from the early days of the platform to see what it is that individuals could do with finances online. The overall consensus in this regard has to do with web payments getting accepted as a whole, along with some of the best financial tools to assist users in carrying out financial transactions through the app, similar to how a bank would operate.

Musk’s vision is huge and he does hope to give users the chance to enter a new modern gateway where X can provide loans amongst other services. So now, you can turn to X for all of your banking needs. And in case you’re wondering what benefits this could bring to X, well, it would soon become a part of users’ everyday existence, giving it all the hype it needs to be accepted as more than a social media platform.

As one can imagine, the plans are mighty ambitious and need so much to get right. Elon Musk hopes that this app will cater to all such demands and then slowly but surely turn into a massive utility for all.

Still, it’s a lot of work needed to make Musk’s plan come to life and as per new reports, Musk hoped to provide payments to X users all around the globe. But since then, he’s been forced to scale this ambition to American-only payments, thanks to new initial pushback from the American authorities.

Today, X has more than 31 licenses across different states in the nation. This is only stage one of assisting the vision to come into existence as the journey to getting full acceptance is long.

The next step would be getting payment processor approval from every single American state for online shopping carried out through the X app. So as you can imagine, if the US process is so stringent, the challenges that would come in other countries around the globe are even more intense as the app would be further scrutinized before it can attain approval.

So as you can see, it’s a long road home but Elon Musk is sticking to his plans with no signs of aborting the project anytime soon. The only question that some experts are having is whether or not Musk could get enough users to make payments through this platform.

Image: DIW-Aigen

Read next:

• Researchers Explore How YouTube Connections Satisfy Emotional Needs, Contrasting With In-person Relationships

• AV-Test Rates Top Android Security Apps: Avast, AVG, Bitdefender Lead

Spotting A.I. Generative Material With Its Inherent Flaws
Previous Post Next Post