New background information on the "X Payments App"

Plans to make X the "app for everything" apparently include payments and a special wallet that will function like a bank account, new information shows.

Users of the social media service X (formerly Twitter) could soon be able to make payments and earn interest. This is according to new statements from the chief security officer of X Payments.

Christopher Stanley laid on X out that in addition to a tipping feature, a wallet is being planned that can be used to send money to other X Payments users.

Further developments, according to Stanley, include the ability to pay online and in stores with the app and even earn interest on money deposited.

"If you have an incentive to take your money out of our system, then we have failed. You should never have to take your money out because you should be able to do everything on our platform," he continued.

Just a few days ago, X received further licenses as a payment service provider in the U.S. states of Tennessee and Nevada. This brings the list of states in which X is allowed to operate as a money remitter to 25.

The introduction of the X-Payments profile at the beginning of the year led to speculation about possible crypto adoption on the platform. The platform's boss, Elon Musk, has emerged as a fan of Dogecoin in the past. Consequently, there were rumors about Memecoin as a possible currency for the new payment service.

However, there was no mention of crypto integration in the latest update.