X is reportedly getting closer to introducing a payment service.
The social media platform and aspiring “everything app” is working on adding a “Payments” button to the navigation bar, TechCrunch reported Tuesday (Aug. 6), citing a post on X by independent app researcher Nima Owji.
Owji told TechCrunch that he has also found references to transactions, balance and transfer.
This news comes about a week after X subsidiary X Payments obtained a money transmitter license in North Dakota, bringing to 33 the number of states in which it has obtained such a license, according to the report.
X owner Elon Musk said in December 2023 that the company aims to launch a payment service by mid-2024, per the report.
It was reported in June that X is planning a digital dashboard on its website and mobile app that will function as a hub for all payments activity, letting users send and receive money, store funds and see past transactions.
The company will charge a small fee for some transactions, Bloomberg Businessweek reported June 18, citing a business plan X submitted to regulators in Massachusetts in August 2023 and obtained by Bloomberg via public records requests.
X sees payments as a way to bolster its business through “increased participation and engagement” on its platform, according to the report.
In October 2023, Musk reportedly said during a company all-hands call that he expects X to transform into a payments super app.
“When I say payments, I actually mean someone’s entire financial life,” Musk said during the call, according to a report by The Verge. “If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
The company’s rebranding of Twitter as X in April 2023 marked a move toward the social media platform becoming an “everything app.” X is the same name as Musk’s long-envisioned “everything app.”
During that same month, Musk told employees that he could see the company’s then-current value of around $20 billion expanding tenfold as the platform becomes central to users’ financial lives.
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