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The Markets
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The Markets
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Online business & e-commerce

Musk's X 'super app' plans developing with money-transfer licence approvals

Social media platform X, formerly called Twitter, moved towards owner Elon Musk's dreams of creating an "everything app" as it received further regulatory green lights for users to make payments.

So far, it has money-transmitter licences from 13 US states after approval from Pennsylvania this week, according to a Reuters report.

These licences allow X to add functionality for its users to carry out electronic money transfers to each other using the app, similar to PayPal's Venmo, Google Pay, Apple Pay, Android Pay, Samsung Pay, and Zelle, which was launched by a group of US banks including Wells Fargo, JP Morgan and Bank of America.

Musk wants to transform X into an "everything app" similar to successful super apps in Asia like WeChat that offer a wide array of services ranging from messaging and social media to payments and gaming.

However, industry experts have cast doubts over the feasibility of Musk's dream within the US mobile market environment.

The plans for Musk are a matter of unfinished business, as he was ejected as boss of PayPal in 2000 because he wanted to change the branding to X.

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