Elon Musk Rushes to Introduce X Payments as Tech Issues Hamper Creator Payments

Elon Musk is still frantically pushing to launch X payment services in the US by the end of 2024, Bloomberg reported Tuesday.

The launch of payment services is arguably one of the reasons Musk paid so much to acquire Twitter in 2022. His renaming of the social platform to failed to name the now-ubiquitous payments app X. Musk has told X staff that transforming the company into a payments provider would be critical to achieving his goal of turning “.

Late last year, Musk said he would “drive crazy” if At the time, Musk said he wanted “the entire financial life” of X users on the platform before the end of 2024, and a Bloomberg review of “more than 350 pages of documents and emails related to broadcaster licensing money that X Payments filed in 11 states.” shows approximately how close you are to realizing that dream on his platform.

X Payments, a subsidiary of X, reports that X already has money transmission licenses in 28 states, but

Bloomberg’s review found that process this year. Payment providers like Stripe and Adyen have already partnered with X to process their transactions, Bloomberg reported, and

Musk initially hoped to launch payments globally in 2024, but regulatory pressures forced him to curb those ambitions, Bloomberg reported. States like Massachusetts, for example, required X to reapply only after more than half of U.S. states had issued licenses, Bloomberg found.

Ultimately, Musk wants X to become the largest financial institution in the world. Bloomberg reported that he plans to do this by providing users with a convenient “digital dashboard” through X “that will serve as a centralized hub for all payment activities” online. To make sure users keep their money hidden on the platform, Musk plans to offer “extremely high-yield” savings accounts that X Payments chief information security officer Chris Stanley teased in April would basically guarantee funds they rarely withdraw from X.

“The bottom line is that if you ever have any incentive to take money out of our system, then we have failed,” Stanley posted on X.

Stanley compared X Payments to Venmo and Apple Pay and said X’s plan for its payments feature was to “evolve” so that stores”.

Bloomberg confirmed that X does not plan to charge users any fees for sending or receiving payments, although Musk has told regulators that offering payments will “boost” Analysts told Bloomberg that X could also profit from payments by charging fees to merchants or “offering banking services, such as checking accounts and debit cards.”

Musk has told X staff that he plans to offer checking accounts, debit cards and even loans through X, saying that “if you address all the things you want from a financial standpoint, then we will be the people’s financial institution.” .

Linda Yaccarino, CEO of X, has been among the biggest cheerleaders for Musk’s plan to turn .

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