Elon Musk’s X Payments Nears Launch, Receives Another Money Transmitter License

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As an analyst with a background in fintech and experience following Elon Musk’s ventures closely, I believe X Payments’ acquisition of a money transmitter license in South Carolina is a significant step towards its goal of becoming an “everything app.” With licenses in 29 states already under its belt, it’s clear that the company is making steady progress in its quest for nationwide approval.

According to insider reports, X Payments, a payments solution by Elon Musk, has secured a new money transmitter license in South Carolina. With this addition, X Payments has now obtained licenses in 29 states, paving the way for its upcoming rollout of payment services on social media platforms. This move is part of the company’s strategy to expand into an “everything app.”

X Payments Gets License in South Carolina

X Payments obtained a money transmitter license in South Carolina, according to DogeDesigner’s announcement on their X post dated June 24th. With this addition, X Payments now holds licenses in 29 U.S. states. Their ultimate goal is to secure licensing in all 50 states after initially applying for licenses in 32 states.

As a researcher, I’ve compiled a list of states where X Payments has officially announced their rollout in accordance with the most recent license: Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Virginia, West Virginia, Wyoming.

Elon Musk previously announced his intentions to introduce a payments service by mid-2024. X Payments LLC obtained their previous license in Kentucky as early as May 10th.

As a researcher delving into the latest developments in the digital payments landscape, I recently uncovered intriguing details from regulatory filings that hint at Venmo-like features for a social media platform named X. X aspires to introduce minimal charging structures for its payment services to attract a wider user base and foster greater interaction and involvement on their platform. The company emphasized this strategy to regulators, stating that the enhanced payment functionality would lead to “heightened participation and engagement.” X’s primary sources of income are envisioned to be merchant fees and ancillary banking services such as checking accounts.

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Dogecoin Community Eyes Announcement on Integration

The Dogecoin community is eagerly anticipating any signals from Elon Musk regarding potential plans to incorporate Dogecoin into a payment system. Previously, it was disclosed by X that they have no immediate intentions to adopt cryptocurrency, citing a lack of clear regulatory guidelines as the reason.

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2024-06-24 17:15