Elon Musk's aim of transforming social media network X (formerly Twitter) into an "everything app" is becoming more attainable as the platform speeds the development of its payment system.

According to a post on the platform by app researcher Nima Owji, the business is working on adding a "Payments" button to the navigation bar under the bookmarks tab. According to TechCrunch, Owji discovered references to new payment functionality, such as "transactions, balance, and transfer," on X.

The firm appears to be aggressively extending its payment capabilities, having already obtained a money transmitter license in 33 US states.

Musk has mentioned his desire for X to include features like as peer-to-peer payments, user money storage, and high-yield accounts. The platform's progress toward getting the requisite licenses is consistent with the billionaire's objective of offering payment services by mid-2024.

X is seeking for alternative sources of money

As X struggles to monetize through advertising, the payment service might be an attempt to diversify the company's income streams.

The business has filed lawsuits against a worldwide advertising coalition and many big corporations, including Mars and CVS Health. The site said a deliberate boycott was designed to undermine its income.

The lawsuit, filed in the United States, accuses the Global Alliance for Responsible Media (GARM) and the World Federation of Advertisers (WFA) of collaborating with firms to withhold advertising funds. X says that this behavior has negatively impacted the platform's income and user experience.

The legal dispute comes amid continuous debate about the platform's content moderation and brand safety policies. X CEO Linda Yaccarino has openly criticized the boycott, citing its impact on free expression and the marketplace of ideas.