X is getting closer to launching its payment service

X (formerly Twitter) appears to be making progress on its new payments system, bringing it closer to Elon Musk’s vision of turning X into an “app for everything.”

According to recent findings by app researcher Nima Owji, the company is working on adding a “Payments” button to the navigation bar below the bookmarks tab. Owji, who made the discovery yesterday, told TechCrunch that he found references to new payment features such as “transactions, balance, and transfer.”

When Musk first took over the social media app formerly known as Twitter, he envisioned a platform where users could store money in their X accounts, send payments to other users and potentially access high-interest money market accounts.

The latest revelations indicate that the payment service launch is likely very soon, which is in line with Musk’s previous goal of mid-2024, which Ark Invest CEO Cathie Wood said during an interview with X Spaces in December.

The company has also made progress in obtaining a money transfer license, which will allow it to transfer money in the U.S. Last week, X Payments (a wholly owned subsidiary of X) received a license in North Dakota, bringing its total state count to 33. In July, it was approved in Alabama, California, and the District of Columbia. Others include Illinois, Louisiana, Nebraska, New Mexico, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Utah, Virginia, and West Virginia, among others.

As X faces challenges in monetizing through ads, the payment service is the company’s attempt to find an alternative source of revenue. On Tuesday, the company just filed an antitrust lawsuit against advertising groups over an advertiser boycott that has caused X significant financial losses.