Elon Musk one step closer to launching payment services

(Reuters) – Elon Musk’s social media platform Still working.

Utah approved Friday, according to the Nationwide Multistate Licensing System and Registry, an online database.

This provides the company with capabilities similar to PayPal’s Venmo, facilitating money transfers and allowing the company users to send money to each other.

The emphasis on payments could help X diversify its business beyond digital advertising, which has suffered a setback since Musk took ownership.

Some major advertisers halted their spending or fled the platform last year after Musk agreed with an X user who supported an anti-Semitic conspiracy theory. Speaking at the New York Times DealBook event later that month, the billionaire CEO made disparaging remarks about brands that had suspended their advertising on X.

Since acquiring Twitter in October 2022, Musk has said that he envisions repurposing the company as a carrier of an “everything app” similar to the popular Chinese app WeChat, which allows users to send and receive messages. It also provides the facility to hail a taxi or make payments to merchants.

The company received its first state money-transmitter license in New Hampshire last June and is also approved by Pennsylvania, Arizona, Georgia, Maryland and Michigan.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)