X, formerly twitter, plans to roll out its digital payments initiative, X Money, in a limited capacity across selected U.S. states this year. The project, a cornerstone of Musk’s vision to transform X into an 'everything app,' has faced delays and regulatory challenges, including the inability to secure a money transmitter licence in New York.
The platform has obtained such licences in 38 states but withdrew its New York application last year following legal opposition. Concerns were raised about X’s 'fitness and character' to manage payment systems due to its connections with Saudi Arabia, a major investor in Musk’s ventures. Critics allege the Kingdom’s repressive history could undermine trust in the platform.
Despite these setbacks, code updates within X’s app suggest a regional launch of X Money, which could accelerate its availability while addressing concerns in restricted states. However, the limited rollout will constrain usage, and international expansion appears far off due to regulatory challenges tied to Musk’s controversial stances.
Musk’s long-standing ambition for an “everything app” mirrors China’s WeChat, a centralised platform for payments and digital identity. Yet, similar efforts by Meta and others have struggled to gain traction in Western markets, raising doubts about X Money’s potential success.
While the initiative might facilitate simple, fee-free transactions, widespread adoption remains uncertain. For now, X Money’s launch seems poised to make only a limited impact, with broader challenges likely to impede its growth.
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