Updated March 7th, 2024 at 07:56 IST

Elon Musk says X could soon receive payment licenses in New York and California

Musk expressed confidence that X could secure its license in California within the next month, with New York potentially following suit in the coming months.

Reported by: Business Desk
Elon Musk X | Image:Republic
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X payment license: Billionaire Tesla boss Elon Musk revealed on Wednesday that his social media venture X (formerly Twitter) would receive money transmitter licenses in key states, notably New York and California. This announcement, made during his appearance at the Morgan Stanley technology, media, and telecom conference, signifies a pivotal step forward in X's journey toward offering comprehensive payment functionalities.

Musk expressed confidence that X could secure its license in California within the next month, with New York potentially following suit in the coming months. This regulatory approval is crucial for X's expansion plans, particularly as it seeks to diversify beyond its traditional social media functions to encompass payment features akin to Tencent's widely-used WeChat app in China.

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Having acquired the platform formerly known as Twitter in 2022, Musk has been vocal about his vision to transform it into an "everything app," encompassing a broad spectrum of services. Integral to this vision is the ability for X users to seamlessly send money to one another, necessitating compliance with state-level regulations across the United States.

Experts emphasise that obtaining money transmitter licenses in populous states like New York and California is paramount for X's nationwide operations, notwithstanding the already secured licenses in states such as Pennsylvania and Utah. Notably, these populous states are renowned for their meticulous approval processes, underscoring the significance of Musk's announcement.

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Musk also hinted at potential alterations to X's user interface during the conference. Specifically, he discussed the possibility of reducing the prominence of metrics such as likes and reposts on posts, citing concerns about visual clutter. 

(With Reuters inputs.)

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Published March 7th, 2024 at 07:56 IST