Elon Musk X’s Docs Reveals Venmo-Like Payments, Is Dogecoin In Spotlight?

Billionaire Elon Musk Unveils X Expansion with Comprehensive Features

Billionaire Elon Musk has unveiled plans to expand X into an "everything app" by incorporating a wide range of features, including audio and video calling, news, payments, dating, job search, and more.

X Payments on the Horizon

Linda Yaccarino, CEO of X, confirmed that work on payments through X Payments LLC is underway, marking a significant milestone for the company. Documents obtained by Bloomberg indicate that X has submitted applications for money transmitter licenses in several states, revealing Venmo-like payment features within the social media platform.

Venmo-Similar Payments on X

The Venmo-like feature will enable users to store funds in their X accounts, transfer money to other users or businesses, and make purchases at physical stores. Musk previously announced that the payments feature is expected to launch in mid-2024, although specific launch dates remain uncertain.

Revenue Strategy for Payments

X has disclosed that it does not intend to impose upfront fees for its payment services. Instead, the company aims to generate revenue through increased user participation and engagement, as well as merchant fees and banking services.

X Payments' Money Transmitter Licenses

To date, X Payments has acquired money transmitter licenses in 28 US states. The most recent license was granted in Kentucky on May 10, 2023.

Dogecoin and X Payments

While X has stated that it has no current plans to integrate cryptocurrency into its payment network, Dogecoin remains relevant due to Musk's past hints at potential integration once regulatory clarity improves. Dogecoin's price has recently experienced a decline of 11% over the past 24 hours, trading at $0.1192. This decline is attributed to several factors, including the recent loss of Kabosu, the Shiba Inu dog associated with the Dogecoin meme.