Musk's dream of payment advances as X Twitter obtains payment licenses in 12 U.S. states

X Twitter, dedicated to promoting global payments, actively applies for Money Transmitter Licenses in various states. Currently, X has obtained licenses in twelve states through Twitter Payments LLC. Musk's Super App payment dream takes another leap forward!

X Payments Obtains Licenses in 12 States

X Twitter applied for a Money Services Business (MSB) license last year and began applying for licenses in various states in the United States. By August, X had obtained licenses in seven states, and according to the regulatory agency's website, X has now secured licenses in five more states. X is currently licensed in Arizona, Georgia, Maryland, Michigan, Missouri, New Hampshire, Rhode Island, Iowa, Kansas, Mississippi, South Dakota, and Wyoming, totaling twelve states.

To facilitate its payment operations, Twitter Payments LLC, established in 2022, has been actively applying for licenses in various states. Elon Musk has expressed his hope that Twitter can offer financial technology services, including peer-to-peer transactions, deposit accounts, and debit cards.

Of note, the license scope in Rhode Island includes traditional wire transfers like Western Union, electronic payment transfers like PayPal, as well as activities related to cryptocurrencies that also require licensing, such as cryptocurrency wallets and exchanges.

X's Goal is to Drive Global Payment Systems

At the end of October, the X platform celebrated its one-year anniversary under new ownership and management. At that time, CEO Linda Yaccarino published "A Year Has Passed, and X's Future Looks Bright" on the X blog, stating:

We hope that funds on the platform can flow as freely as information and conversation. X has obtained money transfer licenses in several states and is working to launch a faster global payment system.

Looking back at the first year after Musk acquired X Twitter, what are the results of the restructured Super App?

However, in the United States, one has to apply for money transfer-related licenses in all 49 states, contrasting with PayPal, which has 70 related licenses, including financing and loan-related licenses. Just applying for licenses alone requires a significant amount of time and money. It seems that this grand payment dream still has a long way to go.