X will introduce new payment services with Transactions, Balance, and Transfer features.

The popular social media platform X is expected to unveil additional features, as a payment interface has been discovered within the app.

Ever since Elon Musk assumed leadership of X (previously known as Twitter), he has consistently expressed his vision of transforming it into a “super app”that goes beyond being merely a social media platform.

According to app researcher Nima Owji, there have been indications that X will be introducing payment options. Owji shared his findings on X, suggesting that the company is planning to include a “Payments”button in the navigation bar located under the bookmarks tab.

BREAKING: X Payments is coming soon! pic.twitter.com/8JBIHjHOls

— Nima Owji (@nima_owji) August 5, 2024

According to Owji, there were mentions of new payment capabilities such as transactions, balance, and transfers in the article published by TechCrunch.

If this statement is accurate, X users may have the ability to not only send and receive payments, but also store funds in their X wallets. However, this would be contingent upon adhering to applicable local laws and regulations.

TechCrunch reports that X has obtained regulatory approvals to process payments in 33 states, a noteworthy accomplishment as it has been actively acquiring licenses for payment processing in different states. This allows the company to legally remit payments in a wider range of locations.

The company will be able to officially announce its money transfer services in the United States once it obtains permits in the remaining states.

Progress

— Elon Musk (@elonmusk) December 5, 2023

Musk mentioned his plans for X/Twitter to become an all-in-one app, taking inspiration from the Chinese social media platform, WeChat. In a recent interview, he shared his vision of users being able to link their online bank accounts to the platform, with potential future expansions into debit cards, checks, and other financial services.

At a company-wide meeting in 2023, Musk proposed that the payments function on X would potentially replace traditional bank accounts and projected a release date by the end of 2024.

The speaker clarified, “When I refer to payments, I am encompassing a person’s complete financial situation. Anything involving money or securities will be supported on our platform. It’s not just a simple transaction of sending $20 to a friend; rather, it eliminates the need for a bank account altogether.”

If X introduces the payment feature, it will mark Musk’s second attempt at launching an online payment transferring service. Prior to this, he co-founded PayPal, a company specializing in digital payments, which was later acquired by eBay in 2002.