Elon Musk's X receives Pennsylvania money license in push toward payment features
Elon Musk's social media platform X, formerly known as Twitter, took a step closer to offering payment features after receiving a money-transmitter license from a 13th U.S. state this week.
The approval by Pennsylvania, which occurred on Monday according to a public licensing database, has not been previously reported. It grants X the ability to facilitate money transfers and paves the way for the company to allow users to send money to one another, similar to PayPal's Venmo.
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisit Since acquiring Twitter in October 2022, Musk has said he envisions remodeling the company into the purveyor of an «everything app» similar to popular Chinese app WeChat, which lets users send messages but also hail a taxi or pay merchants.
Musk told X employees that users should be able to conduct their «entire financial life» on the platform and that he expected new features would be «rolled out by the end of next year,» according to an October report from The Verge.
In order to offer payment services to users across the U.S., X will need approval in every state, a process that could take up to 18 months and cost several million dollars, said Aaron Klein, a senior fellow focused on financial technology and regulation at the Brookings Institution.
Other states that have approved X for money-transmitter licenses include Arizona, Georgia, Wyoming and Maryland.
The push into payments could help X diversify its business beyond digital advertising, which has suffered setbacks since Musk
