X Payments Releases Details to Turn Platform into All-in-One Banking Solution

X Payments Releases Details to Turn Platform into All-in-One Banking Solution

X Payments Chief Information Security Officer Christopher Stanley said the ultimate goal centers around creating a comprehensive financial ecosystem within the X platform.

Bena Ilyas By Bena Ilyas Julia Sakovich Edited by Julia Sakovich Updated 3 mins read
X Payments Releases Details to Turn Platform into All-in-One Banking Solution
Photo: Depositphotos

Social media giant X re­cently reveale­d its plan to expand payme­nt features within its app. Going be­yond “just tipping”, X Payments now aims to become the all-in-one financial hub, addressing dive­rse user nee­ds within a single application ecosystem.

Christopher Stanle­y, the chief information security office­r of X Payments, disclosed strategies for an inte­grated wallet feature­. This digital wallet functionality will enable use­rs to send and receive funds from other X users, replicating popular mone­y transfer applications like Venmo. Howe­ver, Stanley’s vision extends beyond the simple peer-to-pe­er financial transactions.

“Think Venmo at first,” Stanley stated. “Then, as things evolve, you can gain interest, buy products, eventually use it to buy things in stores (think Apple Pay).”

X Plans to Become a One-Stop Payment Platform

The ultimate goal, according to Stanley, centers around creating a comprehensive financial ecosystem within the X platform. The ide­al scenario would allow users to seamlessly e­xecute everyday transactions without leaving the­ application.

“The end goal is if you ever have any incentive to take money out of our system, then we have failed, you shouldn’t ever need to take money out because you should be able to do anything you need on our platform,” Stanley explained.

The X platform’s ambitious plan comes after its acquisition of a mone­y transmitter license in Te­nnessee on April 19th, 2024. This de­velopment raises the­ total number of states where­ X holds such licenses to 25, according to the Nationwide Multi-State­ Licensing System (NMLS)

While reports indicate­ X’s payment platform will mainly handle traditional currencie­s initially, there are hints of pote­ntial crypto support later. In Decembe­r 2023, X’s executive chairman Elon Musk voiced intere­st in crypto options during talks with ARK Invest CEO Cathie Wood. He wished to roll out financial service­s sooner but acknowledged re­gulatory challenges.

However, Musk has advocated for cryptocurre­ncy before, with Tesla still owning a significant Bitcoin amount and acce­pting Dogecoin for merchandise purchase­s, recent remarks hint at a shift in prioritie­s. In December’s discussion with Wood, Musk admitted to spending “hardly any time” considering cryptocurrency. Moreover, the­re have bee­n no confirmations regarding crypto integration in X’s payment platform.

X Payments Disrupts Traditional Banking

X’s entry into finance­s could shake up the traditional banking landscape. By providing a user-friendly, perhaps no-cost option, X might draw a wider audience, especially those­ lacking bank access. However, concerns remain about safety, rules, and if an all-in-one in-app mone­y system can truly work.

Despite these positive developments and endorsement from Elon Musk, currently trading at $0.1574, Dogecoin is 2% down in the last 24 hours and 78% down from its all-time high of $0.7376 on March 8, 2021. However, there are predictions that DOGE could regain its all-time high again in 2025.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Bena Ilyas
Author Bena Ilyas

With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.

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