Today (21), an account called “XPayments” was established on the X platform, sparking widespread discussion and speculation within the community about whether X will indeed soon introduce payment functionality.
(Background:
X announced plans to accept Dogecoin payments! Tesla’s Hollywood Supercharger station is nearing completion, complete with an open-air cinema and restaurant.)
Background information:
X announced plans to introduce P2P peer-to-peer payments and incorporate Musk’s xAI to enhance the Twitter user experience this year.
Has Musk’s previously announced payment functionality for the X platform in 2023 really arrived? Today (21), an account called “XPayments” was established on the X platform. Although the account has not revealed any information at the moment, according to X platform rules, its official registration is confirmed by the gold badge.
XPayments registered account
Is an upgraded version of PayPal coming?
Since taking the lead at Twitter, Musk has embarked on a series of ambitious brand transformations, hoping to turn X (Twitter) into a super app that supports community, voice calls, shopping, and payment functions. In fact, he made it clear in 2023 that he would be very surprised if this product cannot be launched by the end of 2024.
In fact, X has obtained money transfer licenses from New Hampshire since June last year. Then, in late November, it obtained three additional money transmitter licenses in South Dakota (November 27th), Kansas (November 28th), and Wyoming (November 30th). This week (16), it also obtained the necessary license for currency payment in Utah, bringing the total number of states where the company is allowed to conduct fund transfers to thirteen.
It is worth noting that all of these registrations are related to a company called “X Payments LLC” (formerly “Twitter Payments LLC”), which will operate remittance services in X. The account name “XPayments” is indeed similar to the name of the company, which has made the community start to anticipate major announcements from Musk on this account.
Furthermore, although the requirements for money transmitter licenses and the privileges granted vary from state to state in the United States, these licenses typically allow companies to send, receive, and transfer funds for customers nationally and internationally. They also permit foreign exchange transactions, such as converting foreign currency into US dollars, and issuing prepaid cards. This definition includes both fiat currency and cryptocurrencies.
Dogecoin surges 13%
Musk, who has always supported Dogecoin, has hinted at the possibility of introducing Dogecoin to X payments, although he has not made a clear statement to date, and the money transmitter license does not necessarily mean that cryptocurrencies will be introduced to X. However, Dogecoin has been affected by this news, and its price has already reacted as expected, jumping 13% in the past 24 hours to reach $0.089.
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