The X social media platform is planning to convert into a payment hub that will open the door for more possibilities for expanded functions, now called “X Money” as opposed to the name “X Payments”.
X CEO Linda Yaccarino stated on X that X Money would be among several launches that the company has on their list this year.
X has been granted payment transmitter licenses in around 38 states in the United States so far, and they recently withdrew their application for a license in the state of New York in early 2024 following a legal filing that opposed the payments push and questioned the “fitness and character” of X to hold such authority and pointed that X has “troubling and deep ties” to the Kingdom of Saudi Arabia, due to Saudi Crown Prince Mohammed bin Salman being an investor in X.
That association has reportedly been what has slowed X’s ability to gain approval in all states in America, but that won’t slow down X for long as X is planning to push ahead with X Money anyway with a launch in selected US states to start.