Elon Musk's X Payments Launches Venmo-Like Service Without Dogecoin Integration.
Elon Musk plans to introduce X Payments, a Venmo-like payment system.
The payment system will allow users to store money, make payments and purchase products and services in physical stores.
X Payments has received money transfer licenses from 28 states in the US.
Elon Musk's X Payments Vision
Elon Musk is gradually transforming the X platform into a comprehensive platform with voice and video calls, news and more. The cornerstone of this transformation is X Payments, which has the capacity to store money, facilitate user payments, and manage both online and offline transactions.
Undergraduate Milestones and Future Plans
X Payments has received money transfer licenses from 28 states in the US, setting the stage for its launch in mid-2024. According to X CEO Linda Yaccarino, this is a major milestone in Musk's goal of creating an "everything app." Although it does not currently include cryptocurrency integration, there is a possibility that digital currencies may be added in the future as regulations become clearer.
Business Strategy and Revenue Models
Unlike typical payment platforms, X Payments aims to increase user loyalty by offering minimal fees for payment services. The company plans to generate its revenue from banking services such as merchant fees and checking accounts. This strategy aims to increase user engagement and elevate overall business activities on the X platform.
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