Linda Yaccarino, the CEO of X (formerly Twitter), revealed on Sept. 21 that the social media company will soon introduce payment features.
Yaccarino posted a video that described various upcoming features including peer payments (“paying your friend back for that cake”), retail payments (“snagging that new pair of sneakers”), and rewards (“earning an income by being uniquely you”).
The video also listed several upcoming non-financial features related to article sharing, photo and video content, Spaces audio, and video calls.
Speculation that X might incorporate payments began to build after the company obtained payment licenses in several U.S. states, primarily in July and August. Current records indicate that the company has obtained money transmitter and similar licenses in Arizona, Georgia, Maryland, Michigan, Mississippi, Missouri, New Hampshire, and Rhode Island. Its has also filed applications with the Financial Crimes Enforcement Network (FinCEN), indicating that the company intends to provide payment services throughout the U.S.
No new crypto features (for now)
Though X’s new payment services did not include any cryptocurrency-related features, previous reports suggest that this is still a possibility.
In January, the Financial Times cited two unnamed sources who detailed the development of upcoming payment features. Those sources said that Elon Musk, who had recently acquired Twitter, wanted upcoming payment features to focus on fiat transfers while using a design that would allow for eventual cryptocurrency support.
Musk was CEO of Twitter at that time, and he currently serves as executive chair and CTO of X.
Twitter/X currently offers certain crypto-related features. The platform supports Bitcoin and Ethereum tipping between users and allows users to set non-fungible tokens (NFTs) as their profile picture.
It has also partnered with Stripe to offer creator payouts in USDC to select users, and with eToro to provide users with access to stock and crypto purchases.
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