X has taken another step towards Elon Musk’s “everything app” vision, with X Corp gaining money transmitter approval in Utah, making it the fifteenth U.S. state to grant the company a money transmitter license.
X has been collecting money transmitter approvals over the last few months, with a view to launching the first stage of peer-to-peer payments in the app.
A money transmitter license grants the business approval to facilitate funds transfers between senders and recipients, with the next step beyond that being payment processor licensing, which is required if X wants to facilitate direct shopping in-stream.
But money transmitter approval will facilitate the first step, in building a peer-to-peer payment network, though X still has a long way to go before such functionality is fully realized, beginning with full approvals from each U.S. state.
Which could take time, a point that Elon has also conceded.
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