TechFlow news: X (formerly Twitter) plans to launch a Venmo-like payment feature, including storing funds, sending payments to other users and businesses, and purchasing goods/services at physical stores.
Its subsidiary, X Payments, has obtained money transmission licenses in 28 states and intends to roll out the payment service nationwide later this year.
The business model includes charging small fees on certain transactions, aiming to boost user engagement and interaction on X, and potentially generate revenue through merchant fees and banking services such as checking accounts. X has informed regulators it currently has no plans to allow cryptocurrency transfers on its payment network.
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