X Advances Payments Agenda with Money Transmitter Approval in Utah

X Corp, the company driven by Elon Musk’s ambitious vision of an “everything app,” has achieved money transmitter approval in Utah. This regulatory milestone marks X’s fifteenth money transmitter license in the United States, as it aims to launch its peer-to-peer payment feature within the app.

A money transmitter license allows X to facilitate the transfer of funds between senders and recipients. While this approval sets the stage for building a peer-to-peer payment network, X still faces the challenge of obtaining full approvals from all U.S. states, a process that may require significant time and effort.

International approvals for payments present an additional hurdle, as Meta (formerly Facebook) has encountered. X, however, is determined to make progress and has outlined plans to offer comprehensive payment and banking services within its platform by the end of 2024.

Elon Musk’s overarching x.com vision, conceived during his time at PayPal, places payments at the core of the platform and extends into various other domains. The goal is to create a single platform that facilitates all financial transactions, from bill payments to banking and shopping. By introducing peer-to-peer payments, X aims to unlock new opportunities within its app.

While Meta has faced challenges in establishing its own in-app payment network, X hopes to leverage Musk’s experience with PayPal to navigate the regulatory landscape more effectively. Nevertheless, skepticism remains regarding X’s launch targets and the potential adoption of its payment offerings once full approval is obtained.

As X pushes forward with its payments expansion, it must address a range of considerations similar to those faced by Meta. Only time will tell if X can overcome these obstacles and gain momentum in the competitive payments landscape.