Billionaire Elon Musk is transforming X into an “everything app” with features similar to Venmo. By mid-2024, users can store money, make payments, and buy products in stores via X Payments LLC.
X Payments has already secured money transmitter licenses from 28 US states, a major step forward. Although crypto integration isn’t planned yet, Dogecoin might be included later as regulations evolve.
This move is part of Musk’s broader vision to increase user engagement and revenue through merchant fees and banking services. The DOGE price, currently at $0.1192, is experiencing a dip due to various factors impacting its momentum.
Launching a Venmo-like payment system on X signifies a significant milestone and positions the platform as a comprehensive service provider. The long-term strategy focuses on boosting participation and diversifying revenue streams.
