Breaking News: X (formerly Twitter) Makes Strides Towards Elon Musk's Vision of an "Everything App"
In a recent development, X (formerly Twitter) seems to be edging closer to Elon Musk's ambitious goal of transforming the platform into an all-encompassing "everything app." According to app researcher Nima Owji, the company is actively working on integrating a new "Payments" feature, which will be accessible through a dedicated button in the navigation bar.
Owji's discovery of references to upcoming payment features such as transactions, balance tracking, and fund transfers indicates that X is gearing up to launch a comprehensive payment service in the near future. This aligns with Musk's earlier target of mid-2024, as revealed in an interview with Ark Invest CEO Cathie Wood on X Spaces last year.
Furthermore, X has been making significant headway in obtaining money transmitter licenses across the United States. Just last week, X Payments, a subsidiary of X, secured a license in North Dakota, bringing the total number of approved states to 33. This strategic move positions X to engage in money transfers and other financial services, diversifying its revenue streams amidst challenges in monetizing through advertising.
In light of recent financial setbacks stemming from an advertiser boycott, X's foray into the payments space signals a shift towards alternative revenue sources. With an antitrust lawsuit filed against advertising groups, X is doubling down on its commitment to explore new avenues for growth and sustainability.
In essence, the imminent launch of X's payment service marks a pivotal moment in the company's evolution, signaling a strategic pivot towards financial services and a more diversified revenue model. As investors and users alike eagerly await the rollout of these new features, the impact of X's transformation into an "everything app" could have far-reaching implications for the financial landscape and user experience. Stay tuned for more updates on this groundbreaking development.