Can the
social media giant X (formerly Twitter) soon become an alternative to your bank
account? With acquiring money transmitter licenses in half of the US
states, X is poised to offer its users a new financial experience, combining
social media with banking services.
According
to Christopher Stanley, the Head of Payments at X, the platform’s payment
capabilities will extend far beyond simple tipping. Users can soon store money in their X Wallet, send funds to other X Payments users, and even
earn interest on their account holdings.
“Think
Venmo at first,” Stanley explained, “Then, as things evolve, you can
gain interest, buy products, eventually use it to buy things in stores (think
Apple Pay).”
As Stanley puts it, the ultimate goal is to create a self-contained financial
ecosystem within the X platform. “The end goal is if you ever have any
incentive to take money out of our system, then we have failed, you shouldn’t
ever need to take money out because you should be able to do anything you need
on our platform,” he stated.
Not just tipping. I can pull money into X and store it in my X Wallet and send money to any X Payments user. Think Venmo at first. Then, as things evolve, you can gain interest, buy products, eventually use it to buy things in stores (think Apple Pay), etc. The end goal is if you…
— Christopher Stanley (@cstanley) April 22, 2024
For some time now, Elon Musk has been ambitious in turning his social media platform into a trading and financial hub, ultimately becoming an “everything app.” A year ago, the platform added new financial symbols for the most popular investment instruments.
Empowering Creators,
Driving Adoption
The
implications of X’s payment system for content creators are immense. With the
ability for users to instantly tip or purchase digital goods from their
favorite creators, the potential for monetization on the platform is set to
skyrocket. As a prominent X user, Alex Finn, put it, “This is a
life-changing opportunity for X creators. Monetization is coming and it’ll
create MILLIONAIRES. No platform will pay creators more than X.”
🚨BREAKING: X has now acquired money transmitter licenses in HALF the US states
This is a life changing opportunity for X creators. Monetization is coming and it’ll create MILLIONAIRES
No platform will pay creators more than X
Here are the 5 things you need to do to prepare: pic.twitter.com/algXpX5ckm
— Alex Finn (@AlexFinnX) April 22, 2024
The
seamless integration of payments into the X platform is expected to drive
widespread adoption as users increasingly rely on the app for their financial
needs. The convenience of having a single platform for social interaction,
content creation, and financial transactions could be a major draw for creators and consumers alike.
X has been acquiring payment licenses in the US since last year, holding seven as of August 2023. Over the past eight months, it has gained an additional 18.
Source: nmlsconsumeraccess.org
The Crypto Question
While X’s
initial payment offerings will likely focus on traditional fiat currencies,
there is speculation that the platform may eventually integrate cryptocurrency
support. X’s executive chairman, Elon Musk, has been a vocal proponent of cryptocurrencies in the past, with his company, Tesla, holding a significant amount of Bitcoin on its balance sheet and accepting Dogecoin for merchandise purchases.
However,
Musk has recently tempered expectations regarding crypto integration on X,
stating that he spends “hardly any time” thinking about
cryptocurrency. Despite this, some believe that the platform’s payment system
is being built with future crypto functionality in mind.
Elon Musk says he spends hardly any time at all thinking about crypto🧐
Is that even possible?
— Crypto Crib (@Crypto_Crib_) December 22, 2023
The world watches with anticipation as X continues to secure money transmitter licenses across the United States and prepares to launch its payment features in mid-2024. The potential for X to disrupt the traditional financial
landscape and empower a new generation of content creators is immense, and the
platform’s success could pave the way for a new era of social media-driven
finance.
Can the
social media giant X (formerly Twitter) soon become an alternative to your bank
account? With acquiring money transmitter licenses in half of the US
states, X is poised to offer its users a new financial experience, combining
social media with banking services.
According
to Christopher Stanley, the Head of Payments at X, the platform’s payment
capabilities will extend far beyond simple tipping. Users can soon store money in their X Wallet, send funds to other X Payments users, and even
earn interest on their account holdings.
“Think
Venmo at first,” Stanley explained, “Then, as things evolve, you can
gain interest, buy products, eventually use it to buy things in stores (think
Apple Pay).”
As Stanley puts it, the ultimate goal is to create a self-contained financial
ecosystem within the X platform. “The end goal is if you ever have any
incentive to take money out of our system, then we have failed, you shouldn’t
ever need to take money out because you should be able to do anything you need
on our platform,” he stated.
Not just tipping. I can pull money into X and store it in my X Wallet and send money to any X Payments user. Think Venmo at first. Then, as things evolve, you can gain interest, buy products, eventually use it to buy things in stores (think Apple Pay), etc. The end goal is if you…
— Christopher Stanley (@cstanley) April 22, 2024
For some time now, Elon Musk has been ambitious in turning his social media platform into a trading and financial hub, ultimately becoming an “everything app.” A year ago, the platform added new financial symbols for the most popular investment instruments.
Empowering Creators,
Driving Adoption
The
implications of X’s payment system for content creators are immense. With the
ability for users to instantly tip or purchase digital goods from their
favorite creators, the potential for monetization on the platform is set to
skyrocket. As a prominent X user, Alex Finn, put it, “This is a
life-changing opportunity for X creators. Monetization is coming and it’ll
create MILLIONAIRES. No platform will pay creators more than X.”
🚨BREAKING: X has now acquired money transmitter licenses in HALF the US states
This is a life changing opportunity for X creators. Monetization is coming and it’ll create MILLIONAIRES
No platform will pay creators more than X
Here are the 5 things you need to do to prepare: pic.twitter.com/algXpX5ckm
— Alex Finn (@AlexFinnX) April 22, 2024
The
seamless integration of payments into the X platform is expected to drive
widespread adoption as users increasingly rely on the app for their financial
needs. The convenience of having a single platform for social interaction,
content creation, and financial transactions could be a major draw for creators and consumers alike.
X has been acquiring payment licenses in the US since last year, holding seven as of August 2023. Over the past eight months, it has gained an additional 18.
Source: nmlsconsumeraccess.org
The Crypto Question
While X’s
initial payment offerings will likely focus on traditional fiat currencies,
there is speculation that the platform may eventually integrate cryptocurrency
support. X’s executive chairman, Elon Musk, has been a vocal proponent of cryptocurrencies in the past, with his company, Tesla, holding a significant amount of Bitcoin on its balance sheet and accepting Dogecoin for merchandise purchases.
However,
Musk has recently tempered expectations regarding crypto integration on X,
stating that he spends “hardly any time” thinking about
cryptocurrency. Despite this, some believe that the platform’s payment system
is being built with future crypto functionality in mind.
Elon Musk says he spends hardly any time at all thinking about crypto🧐
Is that even possible?
— Crypto Crib (@Crypto_Crib_) December 22, 2023
The world watches with anticipation as X continues to secure money transmitter licenses across the United States and prepares to launch its payment features in mid-2024. The potential for X to disrupt the traditional financial
landscape and empower a new generation of content creators is immense, and the
platform’s success could pave the way for a new era of social media-driven
finance.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.financemagnates.com//fintech/payments/elon-musk-aims-to-transform-x-into-your-bank-account-alternative/
