X users will be able to send money to friends and make purchases at retail stores in the future using the app’s upcoming event features. They can also get interest on the amounts in their accounts.
According to the head of X, users of Twitter will soon be able to spend money at stores and send money to others. They can even earn interest like they would in a bank account.
Twitter X In-App Wallet: Advancing Financial Integration
Christopher Stanley, the security information security officer, mentioned in an April 22 update that besides typing, X will also offer an in-app wallet. This wallet will help users store and transfer money to any other user of Twitter.
Stanley stated:
“Think Venmo at first. Then, as things evolve, you can gain interest, buy proproducts, andentually use it to buy things in stores (think Apple Pay),”
According to Stanley, Twitter users want to build a full financial system onto the platform so that they can manage every transaction without taking out money. This vision will help customero have a smooth experience and handle their finances within Twitter.
“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.”
Three days later, on April 19, Stanley made these statements after receiving his money transmitter license in Tennessee. According to data from the Nationwide Multi-State Licensing System (NMLS), got money-transmitting licenses in 25 states.
Last year on December 21st, Elon Musk, the executive chairman of X, shared his plans to provide in-app payment services on it. He discussed this with Cathie Wood, the CEOARK Invest, and will launch these services by year,middle of 2024.
He said at the time that he wanted to launch financial services on the app soon but that bureaucratic processes “weighed down” it.
According to many observers, X’s feature payments function would only handle traditional currencies. But the report says Musk gave Twitter’s developers instructions to create payment system platforms to include Bitcoin later.
Musk showed a keen interest in crypto in the past. Tesla still has 9,720 Bitcoin listed on its records, and its retail store accepts Dogecoin. Despite this excitement, Musk has tempered expectations about the incorporation of cryptocurrencies on X.
He told Wood in December that he gives “hardly any time” to crypto. He has not made any announcements since then verifying the use of that digital currency for the payments on Twitter.
