Elon Musk's push to launch payment services with X in the US by 2024 is a key reason behind his acquisition and rebranding of Twitter.
X aims to become an 'everything app' within 3 to 5 years, with Musk emphasizing the importance of transforming the company into a payments provider.
X has already obtained money transmitter licenses in 28 states and plans to secure licenses across all states before 2024 ends, gradually introducing payment features like Venmo.
Despite initial global payment launch ambitions, Musk had to focus on the US due to regulatory pressures, with partnerships with Stripe and Adyen crucial for X's payments system.
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