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Elon Musk’s X granted payment processing license in 13 US states - and counting

Elon Musk’s X granted payment processing license in 13 US states - and counting

The social media platform formerly known as Twitter received approval for payments services from Pennsylvania, building on Musk’s ambitions of transforming X into an “everything app” where users can conduct their “entire financial life” on the app.

As reported in Reuters, this development permits X to facilitate money transfer in the same way that other payments systems such as PayPal’s Venmo can.

TechCrunch confirmed earlier this year that the company was granted three licenses in the US states of South Dakota, Kansas and Wyoming, as found on the Nationwide Multistate Licensing System’s database. X also registered in Iowa and Mississippi in September; Georgia, Maryland and Rhode Island in August; Arizona, Michigan and Missouri in July; and New Hampshire at the end of June 2023.

X would need approval in every state to offer payment services across the US. However, once complete, Musk has the agency to expand features for users with over 500 followers and five million organic impressions and allow advertising revenue sharing.

Following controversy and a mass advertiser exit due to endorsements of hate speech, X has turned its attention to small businesses.

In October 2023, at an all hands call with employees this week, audio of which was obtained by The Verge, Musk said: “When I say payments, I actually mean someone’s entire financial life. 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.”

“It would blow my mind if we don’t have that rolled out by the end of next year," Musk told staffers.

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