Some details about the future payment system of X (ex-Twitter) appeared. According to the creators’ plans, it’ll combine the whole range of financial functions necessary for users so that they won’t need to withdraw money from the system.
Christopher Stanley, Chief Information Security Officer at X Payments, shared some details about X’s future payment system.
According to the creators’ plans, it’ll combine the functions of a digital wallet and a bank account, closing all the financial needs of users. In particular, the X Payments system will allow for:
- storing money and sending it to other users;
- paying for online purchases and in offline stores;
- depositing funds similar to bank deposits, earning interest on the deposit.
The developers plan to create a full-fledged financial ecosystem where users won’t need to withdraw funds or use additional applications.
“If you ever have any incentive to take money out of our system, then we have failed,” Christopher Stanley reported.
The Nationwide Multi-State Licensing System and Registry (NMLS) reports that X Payments LLC already has financial transaction licenses in 25 of the 50 U.S. states. The rumor has it, the X Payments system may be launched in mid-2024.
In early 2023, information surfaced that Twitter’s future financial system was initially being developed with an eye on the possibility of integrating cryptocurrencies as a means of payment. However, no new info on this matter appeared since then, except for April Fools’ jokes.
