X, formerly known as Twitter, is expanding its reach into financial services through in-app payment tools.

Based on a recent report by The Financial Times, X aims to diversify beyond social networking. It has obtained money transmitter licenses in over four US states and is registered with FinCEN, laying the groundwork for offering various financial services across multiple jurisdictions.

X’s plans include enabling users to execute diverse transactions within the application, such as making purchases or tipping content creators, alongside investment and digital fund transfer functionalities.

Partnerships and Platform Development

In collaboration with Visa, X is developing a digital wallet called X Money Account for peer-to-peer payments and transfers. This move builds on earlier financial initiatives including the introduction of the X Money brand.

X officials also suggest that they might release a debit or credit card linked to their platform by year-end, aligning with their goal of integrating financial tools into their ecosystem.

In addition, non-financial features like live video, audio calling, and encrypted messaging are being rolled out through the upcoming service XChat. These additions aim to enhance user engagement by expanding the platform’s functionality.

Overall, these developments signify a strategy to transform X into a multifunctional platform that combines social networking, media, and financial activities under one umbrella. This vision aims to merge communication, media consumption, and commerce through an ‘everything app’ concept internally referred to as such.

Notably, despite expectations, X has not announced plans for cryptocurrency transactions or the issuance of a native digital token at this time.