X Plans to Introduce Payment Services by Mid-2024, Elon Musk Announces

Elon Musk, the proprietor of X, anticipates rolling out payment services around the middle of 2024.

X, Elon Musk’s comprehensive app (previously known as Twitter), is aiming to introduce in-app payment services on its social platform by approximately mid-2024, although integrating cryptocurrencies seems less likely at this point.

During a Dec. 21 X space conversation with ARK Invests Cathie Wood, Musk mentioned his expectation for the full launch of payment services by the “middle of next year,” contingent upon the approval of multiple money transmitter licence applications.

Musk expressed a desire to have initiated social media payments earlier but encountered delays due to bureaucratic procedures.

Regarding potential hindrances to their money transmitter licence applications, Musk conveyed unawareness of any significant obstacles and admitted that X had been “slightly delayed” in submitting all requisite paperwork.

Musk’s recent disinterest in cryptocurrencies has disappointed enthusiasts who hoped for integration into X’s payment system, especially with Dogecoin and Bitcoin. Despite this, Tesla, under Musk’s leadership, still holds around $148 million in Bitcoin and accepts Dogecoin for Tesla Shop purchases. 

Reports also suggested The Boring Company began accepting Dogecoin for its Las Vegas transit rides in 2022.

“I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all,” Musk stated. He views money and digital assets as databases for resource allocation, expressing contentment with fiat currency as long as state intervention avoids currency devaluation through supply manipulation. 

This stance may dampen expectations of Musk’s further involvement in the crypto space despite his companies’ prior crypto-related activities.

I still have faith we will see the great DOGE on X one day.