Elon Musk's ambitious plan for his social media platform, X, includes a payment system similar to Venmo. This new feature will allow users to store money on their X accounts, make transactions with other users or businesses, and even purchase products and services in physical stores. The payment system, known as X Payments, has already received licenses from 28 US states and is expected to roll out in mid-2024.

The payment system is designed to boost engagement on the platform by offering users a convenient way to make transactions. X Payments does not plan to charge minimal fees for its services, instead focusing on generating revenue through merchant fees and banking services like checking accounts. The company aims to increase participation and engagement on the platform through its payment services.

While X Payments does not currently plan to integrate cryptocurrencies like Dogecoin, the possibility remains on the horizon. Elon Musk has hinted at integrating crypto into the payment network once regulations provide further clarity. Dogecoin, which has been impacted by recent events, is currently trading at a 3-month low.

Overall, Elon Musk's X Payments is poised to revolutionize the way users make transactions on the platform, offering a seamless and convenient experience.