Musk has previously spoken about his plans to morph X into a payments platform, having earlier detailed his vision for the future of the company shortly after the acquisition. He has described Twitter, now X, as a place where users would be able to send money to others on the platform, and extract their funds to authenticated bank accounts, and perhaps later, a high-yield money market account that would encourage people to keep their cash in accounts with X.
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X is now licensed for payment processing in a dozen US states
"The company was granted three additional money transmitter licenses in the states of South Dakota, Kansas, and Wyoming bringing the total number of states where the company is allowed to engage in money transfers to 12."
