Over the past month, seven US states have granted money transmitter licenses to X, the social media platform formerly known as Twitter.
Elon Musk announced his plans to turn Twitter into a financial super app similar to WeChat after purchasing the social media platform for USD 43 billion in April.
Musk discussed the idea of emulating his first company, Paypal, by building the necessary infrastructure for Twitter to handle payments, complete with linked bank accounts and debit cards, during a gathering on Spaces.
According to Musk, he sees users tying their social media accounts to their online bank accounts, with the company later expanding into “debit cards, checks, and whatnot.”
Read More: X gains payment licences in seven US states