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Elon Musk’s Vision for X as an All-In-One App
Recent documents revealed by Bloomberg show that Elon Musk’s company, X, is planning to transform its platform into an “everything app.” This ambitious project aims to incorporate various features, including a payment service akin to Venmo.
X’s Venmo-Like Feature
The documents, submitted to state regulators and obtained by Bloomberg Businessweek, outline X’s intention to offer a payment service where users can store money, make transactions with other users or businesses, and even shop at physical stores using their X account. Interestingly, X does not plan to impose significant fees on users for utilizing this service.
X has informed regulators that the introduction of this payment feature could lead to “increased participation and engagement” on the app, ultimately benefiting the business. Users can expect a user-friendly dashboard to manage their payment activities, including sending, receiving, and storing money within the X platform.
While X plans to charge small fees for certain transactions, the overall goal is to enhance user engagement without burdening them with excessive costs. This approach aligns with X’s strategy to foster a vibrant community on its platform.
X Payments Expansion
A subsidiary of X, known as X Payments, is currently licensed to transmit money in 28 states. The company is actively seeking licenses in all 50 states and aims to launch X Payments later this year. However, regulatory challenges have slowed down its international expansion plans.
Elon Musk previously announced that new users joining the platform would be required to pay a small fee to post content, citing the need to combat bot activity. This measure not only serves as a security enhancement but also represents a potential revenue stream for X amidst fluctuations in its market value under Musk’s leadership.
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