Elon Musk's Everything App Dream Gets One Step Closer As X Gets Approval For Money Transfer
Billionaire Elon Musk's $44 billion acquisition, Twitter, which he since renamed to X is now one step closer to his ambitious goal of creating an everything app.
X has secured a money-transmitter license from Utah making it the 15th state in the US to grant such approval to the microblogging platform.
Money transfer on X
X Payments has registered to do business in at least 32 states.
Utah granted the money-transmitter license on Friday, allowing X to operate similarly to platforms like PayPal and Venmo. This license enables the platform to facilitate money transfers, opening the door for users to send money to each other.
Last week, X had announced that it would begin rolling out a peer-to-peer payment service this year.
What is everything app
Ever since his over-priced acquisition of Twitter in 2022, Musk has been promoting the idea of turning it into an ¡°everything app.¡±
Everything apps, also known as superapps are platforms that can be used for multiple purposes like messaging, social media, money transfer, shopping, booking a ride and more.
Why superapps work in China
Superapps like WeChat and AliPay are massive in China, which has a closed internet ecosystem.
The superapps act as an ecosystem on their own and allow other mini-apps to run on their platform.
While they have been successful in China, the rest of the world has so far been not so welcoming towards the idea of a superapp.
US has no superapps
This is especially true when it comes to the US, the home and biggest market of X.
To date, there are no superapps in the US, and numerous surveys have shown that Americans are keen on keeping their financial services separate from services like social media.
Musk the co-founder of X.com, which was later renamed PayPal, had always expressed his desire to get back into the payments sector.
Around the same time he purchased Twitter, Musk had also acquired the X.com domain from PayPal and renamed the microblogging platform.
Since then Musk has been pushing the idea of X becoming a comprehensive financial hub to replace the traditional banking system for all its users.
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