According to TechFlow, X (formerly Twitter) plans to launch a payment function similar to Venmo, including storing funds, paying other users and businesses, and purchasing goods/services in physical stores.
Its subsidiary, X Payments, has received money transmission licenses in 28 states and plans to launch payment services nationwide later this year.
Its business model involves charging a small fee on some transactions, aimed at increasing user engagement and interaction on X, and potentially generating revenue through merchant fees, banking services such as checking accounts, etc. X told regulators that it has no current plans to allow cryptocurrencies to be transferred on the payment network.