X owner Elon Musk intends to turn the social platform into an “everything app,” supporting digital payments and giving users access to all the services they need on the internet.
As part of these plans, Linda Yaccarino, who was appointed CEO of the platform in May last year, revealed that digital payments are about to arrive in X.
Speaking at the Cannes Lions International Festival of Creativity in France, Yaccarino told attendees that payments will soon be made through the platform and that this new service will initially be available to users in the United States. In this country, the social platform has acquired almost two dozen money transmission licenses, which authorize it to offer money services, payments and transfers to users' accounts.
Since Elon Musk acquired X (formerly Twitter) in 2022, he has initiated a series of transformative changes, including changing the platform's name and logo. These changes are in line with Musk's intention to evolve the social platform into an all-purpose app, serving not only communication and the dissemination of news, information, and opinions.
In its current owner's vision, X will be a "do-everything" platform, on par with big services like WeChat.
X will support digital payments in fiat currency initially
Digital payments that will be supported on X will reportedly be in fiat currencies. However, it is estimated that cryptocurrencies will have a place on the platform at some point in the future, considering the love that Elon Musk has professed for crypto assets such as Dogecoin, which is currently the most popular and capitalized meme cryptocurrency on the market.
On the platform, technology expert Alex Finn highlighted Yaccarino's recent comments on X-based payments, pointing out the possibilities that this will open up for users and content creators to receive tips within the platform and even earn some doges for their posts.
Finn believes that, “absolutely”, X will support payments with the meme cryptocurrency at some point.
Earlier this year, X launched a payments account called X Payments, fueling speculation about the possibility of making P2P payments with cryptocurrencies within the platform. The crypto community considers Dogecoin a strong candidate to be integrated into digital payments on X, since Musk owns a considerable amount of the token and also because other companies in his group support payments with this digital asset.
At the time of writing, Dogecoin is priced at $0,12 per token. The meme cryptocurrency has dropped by nearly 10% in the past few hours, returning to levels seen in February.
Source: CoinMarketCap
However, the potential implementation of Dogecoin as a form of payment on X could push the cryptocurrency's price up in the market. Although there is no official confirmation on whether this integration will happen at some point, Musk's previous comments and mentions about DOGE have sent its price soaring in the market.
At the middle of March, Musk hinted that Dogecoin will be used “someday” to purchase his Tesla electric vehicles, an announcement that caused the DOGE price to reach a value of $0,22 per token.
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Main image by X – @lindayaX
