X has unveiled details about its upcoming payment features, with plans to transform its app into a versatile financial tool akin to a bank account. According to Christopher Stanley, the head of payments at X, users will eventually be able to send money to others, make purchases at stores, and even earn interest on their account holdings within the app.

Initially, X users will enjoy basic payment functionalities similar to Venmo, allowing for peer-to-peer transactions and in-app wallet capabilities. However, Stanley envisions a future where users can seamlessly conduct various financial activities without ever needing to withdraw funds from the platform. This ambitious goal aims to create a comprehensive financial ecosystem within X, eliminating the need for users to look elsewhere for their banking needs.

Stanley's announcement follows X's recent acquisition of a money transmitter license in Tennessee, bringing the total number of states where X holds such licenses to 25. This regulatory milestone paves the way for X to launch its in-app payment services, which are anticipated to debut midway through 2024, as indicated by Elon Musk, X's executive chairman.

While X's upcoming payments feature will initially support fiat currencies, Musk has instructed developers to design the platform with the flexibility to incorporate cryptocurrency functionality in the future. Despite Musk's past enthusiasm for cryptocurrency, he has tempered expectations regarding its integration into X, stating that he spends minimal time contemplating crypto-related matters.

While Tesla continues to hold significant amounts of Bitcoin and accepts Dogecoin in its merchandise store, Musk has refrained from confirming any plans to incorporate cryptocurrency into X's payment system, emphasizing that his focus remains primarily on other endeavors.