Elon Musk announces plans for X to roll out payment services by mid-2024

Elon Musk’s ‘everything app,’ X, is anticipated to introduce in-app payment services on its social media platform around mid-2024, although the integration of cryptocurrencies now appears to be a distant possibility.

Elon Musk announces plans for X to roll out payment services by mid-2024

During a conversation with ARK Invest’s Cathie Wood in a Dec. 21 X space, Musk mentioned that he foresees the full launch of payment services by the ‘middle of next year,’ pending approval of several money transmitter license applications. Musk expressed his desire to have implemented payments on the social media platform sooner but cited bureaucratic processes as a hindrance.

Musk reassured that he is not aware of any potential ‘showstoppers‘ that could lead to the rejection of their money transmitter license applications. He acknowledged that X had been ‘a bit late’ in submitting all the necessary documents.

X is gearing up to introduce payment services by mid-2024, as stated by Elon Musk

Despite the anticipation among crypto enthusiasts for Elon Musk to integrate one of his favored cryptocurrencies, such as Dogecoin (DOGE) currently priced at $0.09, and Bitcoin (BTC) at $43,842, into the X payments system, Musk has never confirmed such plans. In fact, he seems to have dampened crypto-related enthusiasm even further by disclosing that he dedicates “hardly any” time to thinking about digital assets.

Interestingly, Tesla, under Musk’s leadership, still holds around $148 million in Bitcoin on its balance sheet. Moreover, the electric vehicle manufacturer continues to accept Dogecoin for purchasing merchandise from the Tesla Shop. In 2022, reports also indicated that Musk’s tunnel construction company, The Boring Company (TBC), had started allowing customers to pay for rides on its Las Vegas transit system using Dogecoin.