X (formerly Twitter) appears to be making progress in developing its upcoming payments system, bringing it closer to Elon Musk's vision of making X the “everything app.”
The company is working on adding a “Payments” button to the navigation bar under the bookmarks tab, according to a recent discovery by app researcher Nima Ouji. Ouji, who made the discovery yesterday, told TechCrunch that he found references to new payment features such as “transactions, balances, and transfers.”
When Musk originally acquired the social networking app formerly known as Twitter, he envisioned a platform where users could store funds in X accounts, send payments to other users and potentially access high-yield money market accounts.
The latest findings suggest the launch of the payments service is imminent, which is in line with Musk's previous goal of mid-2024, which he told Ark Invest CEO Cathie Wood during an X Spaces interview in December.
Additionally, the company is in the process of obtaining a money transmitter license to operate within the U.S. Last week, X Payments (a wholly owned subsidiary of X) received a license in North Dakota, bringing the total number of states with licenses to 33. In July, it was approved by Alabama, California, and the District of Columbia. Other states include Illinois, Louisiana, Nebraska, New Mexico, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Utah, Virginia, and West Virginia.
The payments service comes as X is seeking alternative revenue streams as the company struggles to monetize through advertising and just filed an antitrust lawsuit against an advertising group on Tuesday over an advertiser boycott that has caused X significant financial losses.