Shulou(Shulou.com)12/24 Report--

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com, Dec. 17 (Reuters)-billionaire Musk's social media platform X (formerly Twitter) received a remittance license from the 13th state in the United States this week, bringing X one step closer to providing payment functions, Reuters reported.

The US state of Pennsylvania approved Company X's license earlier this week, which gives Company X the ability to facilitate remittances and paves the way for its users to transfer money to each other, Reuters said, citing data from the public licensing database.

Aaron Klein, a senior fellow at the Brookings Institution who specializes in financial technology and regulation, explained that in order to provide payment services to users across the United States, platform X needs to be approved by each state, a process that is likely to take 18 months and cost millions of dollars.

Sabrina Howell, an associate professor of finance at the Stern School of Business at New York University, believes that Musk often makes controversial remarks, and his decisions at Company X are often unpredictable, which means that the biggest problem for Company X to enter the payment field will be to gain the trust of users and regulators.

After acquiring Twitter, Mr Musk is considering turning the social media platform into a "super app" like Wechat. "it's a bit like a combination of Twitter, PayPal and a lot of other things, bringing them together with a great interface."it's a really great app. We don't have a similar product outside China."

According to previous reports from CTOnews.com, foreign media The Verge claimed in October that Musk had announced in a conference call with all employees that the X platform would launch financial services at the end of 2024. He also said, "you don't need a bank account." I would be surprised if we hadn't launched this service by the end of next year! "

Related readings:

Musk: X (Twitter) will launch financial services next year. "you don't need a bank account."

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