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Elon Musk’s X Payments ‘end goal’ revealed as a U.S. money transmitter

Elon Musk’s X Payments ‘end goal’ revealed as a U.S. money transmitter
Vinicius Barbosa

X Payments, a subsidiary of X Corp., has officially acquired the money transmitter license in 50% of the U.S. states. The company is part of Elon Musk’s vision of building “X, the everything app,” now with its financial “end goal” revealed.

On April 22, Christopher Stanley, Security Engineer at X Corp and SpaceX, commented on a post discussing X Payments tipping feature. According to Stanley, the company will achieve more than tipping, first pursuing competition against Venmo as a U.S. digital wallet.

However, X Payments’ “end goal,” in his words, is to prevent “any incentive to take money out of our system.” For that, X’s security engineer envisions people being able to gain interest and buy products or things in stores, tracing a comparison to Apple Pay (NASDAQ: AAPL).

In a post, Mario Nawfal called X Payments the new PayPal (NASDAQ: PYPL) if it accomplishes its revealed end goal.

Next steps for X Payments ‘end goal’ in the U.S.

X Payments must navigate several key steps to compete with established players like Venmo, PayPal, and Apple Pay and achieve its end goal.

Firstly, the company must obtain licenses in the remaining states, with special attention to California and New York states. This involves meeting specific regulatory requirements, including financial minimums and consumer protection standards.

X Payments Money Transmitter Licenses (U.S.). Source: Alex Finn, on X

Secondly, X Payments is expected to enhance its technological infrastructure to ensure secure and efficient transactions, thereby gaining consumer trust.

Furthermore, crafting a compelling value proposition is crucial. This includes offering competitive transaction fees, user-friendly interfaces, and unique features distinguishing X Payments from its counterparts.

Lastly, an aggressive marketing campaign targeting both users and merchants will be vital to increase adoption rates.

On that note, the rise of self-custody cryptocurrencies‘ popularity could work against Stanley’s revealed “end goal.” This is because the idea behind cryptocurrency technologies is to empower monetary sovereignty worldwide, not relying exclusively on trusted third parties.

In summary, X Corp’s subsidiary has taken significant steps toward becoming an authorized money transmitter in the United States. This also brings Elon Musk’s “everything app” vision closer to becoming a reality, which may directly impact content creators’ monetization and use of that money.

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