X to Launch X Money in 38 States
Hey FinTech Fanatic!
X (formerly known as Twitter) has announced its upcoming launch of X Money, with plans to roll out in 38 U.S. states where it holds payment transmitter licenses. Linda Yaccarino, X CEO, revealed that X Money will be part of several new platform features launching in the coming months.
The platform's payment service aims to offer peer-to-peer transfers and e-commerce integration. However, X's expansion faces regulatory hurdles, notably withdrawing its New York license application after concerns were raised about its ties to Saudi investors. Backend code analysis suggests X will proceed with a regional rollout in approved states.
This initiative marks X's entry into digital payments under Elon Musk's leadership, who previously co-founded PayPal. The company currently holds payment transmitter licenses in 38 U.S. states, suggesting a phased launch approach.
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