It looks like 2025 is the year for Elon Musk’s plans to shape his X platform into a hub for payments.
The news is major considering how many felt it would evaporate in thin air and never come into existence due to hindrances in approval. But the company is moving full throttle regarding the concept which was now rebranded to X Money.
During the start of the week, the company’s CEO shared a New Year’s memo to users and she dropped a major hint about the leading launches planned for 2025. Amongst those was X Money.
X is still struggling to get a transmitter permit for New York which Musk feels could be a key hub for the initial launch of payments on the app. As it is, only 38 states have received the green light so far but the app did withdraw the application for New York at the start of 2024. This was done after legal findings were made opposing the push for a payments stream that many felt was unreliable for a platform like X.
The major issue right now has to do with X having issues with countries like KSA whose crown prince is a major investor in the company. The country has a serious history of brutality which many feel was fueled thanks to Musk’s X app.
This again has been a major contributing factor in receiving approval across America. However, from what we can see right now, X is trying again but this time around with apps that have already gotten approval.
Thanks to some code snippets shared, the company is hoping for a rollout done region-wise and not on a national level. It’s also addressing its fair share of concerns about those regions not getting approval.
This makes way for the ball to roll in the right direction at a faster speed. But the fact that it’s going to be limited in reach will really impact usage thanks to restrictions in place. This is a hindering factor if it hopes to go for a global launch in the future. Musk and his views related to politics might be a major compounding factor that gives rise to more challenges in terms of getting approval for payment licenses.
This might not make Musk too happy as he wants X to be an everything platform but without global expansion, that can be a huge issue. The concept is a copycat of WeChat from China that has performed very successfully. I mean giving your credit card a rest and using WeChat instead is major news.
In 2000, Musk was busy trying to make it big in the world of digital payments. He came up with this plan for an app that covers everything. Despite pitching ideas to PayPal, there was no success and they rejected it.
Unfortunately, other tech giants like Meta also tried to take the lead and enable payments on WhatsApp and Messenger but again regulators are skeptical. If maybe Musk and his team of associates can come up with something better, then we’re talking.
For now, 38 American states will get a taste of what X Payments or X Money is all about. Unfortunately, experts don’t see a lot of hope of many users being too interested but who knows, it just might tick all the right boxes. Let’s just be optimistic for now and see what happens as it unfolds and when it unfolds.
Image: DIW-Aigen
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The news is major considering how many felt it would evaporate in thin air and never come into existence due to hindrances in approval. But the company is moving full throttle regarding the concept which was now rebranded to X Money.
During the start of the week, the company’s CEO shared a New Year’s memo to users and she dropped a major hint about the leading launches planned for 2025. Amongst those was X Money.
X is still struggling to get a transmitter permit for New York which Musk feels could be a key hub for the initial launch of payments on the app. As it is, only 38 states have received the green light so far but the app did withdraw the application for New York at the start of 2024. This was done after legal findings were made opposing the push for a payments stream that many felt was unreliable for a platform like X.
The major issue right now has to do with X having issues with countries like KSA whose crown prince is a major investor in the company. The country has a serious history of brutality which many feel was fueled thanks to Musk’s X app.
This again has been a major contributing factor in receiving approval across America. However, from what we can see right now, X is trying again but this time around with apps that have already gotten approval.
Thanks to some code snippets shared, the company is hoping for a rollout done region-wise and not on a national level. It’s also addressing its fair share of concerns about those regions not getting approval.
This makes way for the ball to roll in the right direction at a faster speed. But the fact that it’s going to be limited in reach will really impact usage thanks to restrictions in place. This is a hindering factor if it hopes to go for a global launch in the future. Musk and his views related to politics might be a major compounding factor that gives rise to more challenges in terms of getting approval for payment licenses.
This might not make Musk too happy as he wants X to be an everything platform but without global expansion, that can be a huge issue. The concept is a copycat of WeChat from China that has performed very successfully. I mean giving your credit card a rest and using WeChat instead is major news.
In 2000, Musk was busy trying to make it big in the world of digital payments. He came up with this plan for an app that covers everything. Despite pitching ideas to PayPal, there was no success and they rejected it.
Unfortunately, other tech giants like Meta also tried to take the lead and enable payments on WhatsApp and Messenger but again regulators are skeptical. If maybe Musk and his team of associates can come up with something better, then we’re talking.
For now, 38 American states will get a taste of what X Payments or X Money is all about. Unfortunately, experts don’t see a lot of hope of many users being too interested but who knows, it just might tick all the right boxes. Let’s just be optimistic for now and see what happens as it unfolds and when it unfolds.
Read next: Telegram Enhances Security with Third-Party Verification and Introduces NFT Gifts
