Social Network X may soon receive a license to conduct money transfers in New York. This will bring the platform closer to implementing payment functions, Reuters writes.

This information was shared by Elon Musk at the Morgan Stanley conference on technology, media and telecommunications. According to him, this issue may take several months in New York.

However, X can also obtain the appropriate license in California. Elon Musk believes that this could happen here within the next month or so.

Since acquiring Twitter, which was later renamed X, the billionaire has been striving to turn the platform into an app for everything. He wants its capabilities to go beyond traditional social networks. This includes payment functions.

Experts explain that in order to implement the plans throughout the United States, X will need a license for money transfers in each state. Elon Musk said that approval in New York and California would be the most important. These states are also known for relatively lengthy approval processes.

Some other states, such as Pennsylvania and Utah, have already granted X money transfer licenses.