X Adds Payments Button Amid Expansion Plans

X, the social media platform formerly known as Twitter, is progressing toward launching its payment service, aligning with CEO Elon Musk's vision of transforming X into an 'everything app.' App researcher Nima Owji has discovered that X is developing a 'Payments' button within its navigation bar and features related to transactions, balance, and transfers. With X Payments recently obtaining a money transmitter license in North Dakota, the total states with such licenses has reached 33, paving the way for broader financial services. Musk has indicated a goal to roll out the payment service by mid-2024, a move seen as essential for diversifying revenue beyond advertising. The payment system is expected to allow users to store money, make transfers, and could include access to high-yield accounts. This development comes amid challenges in monetizing the platform, prompting X to seek alternative revenue streams.