Elon Musk's X platform is on the verge of transforming into an all-encompassing app, much like Venmo. This shift includes integrating a payment network into the main social networking service. The plan is to allow users to store money on their X accounts, pay other users or businesses, and even purchase goods and services in physical stores. This move is crucial for X, as it seeks to diversify its revenue streams beyond advertising, which currently accounts for over 90% of its income.

X Payments, a subsidiary of X, has recently received approval for money transmitter licenses in 28 states. The company aims to secure licenses in all 50 states and launch its payment service across the US by 2024. This regulatory approval will enable X to offer a digital dashboard on its website and mobile app, serving as a centralized hub for all payment activities. Users will be able to receive and send money, store funds, and view past transactions.

Unlike other payment apps like PayPal's Venmo, Block Inc.'s Cash App, and Zelle from JPMorgan, X anticipates charging small fees for its services. However, this could potentially boost X's existing advertising business if marketers view it as a platform where customers store money and are likely to make purchases.

Chris Stanley, chief information security officer for X's payments division, emphasized that the goal is to make users feel that they do not need to take money out of the system because they can do everything they need within the platform. This includes storing money in their X Wallet, sending money to other X Payments users, and eventually using it to buy products or make purchases in stores.

Another significant aspect of X's financial strategy is its support for cryptocurrency. Elon Musk's Tesla company once held $1.5 billion in Bitcoin on its balance sheet, allowing customers to buy cars using BTC. Additionally, he has been a long-time supporter of Dogecoin.