National Business Wire (Jan 16) -- Billionaire Elon Musk's social media platform X, formerly Twitter, received a money transmitter licence from the U.S. state of Utah on Monday, according to Reuters.

The license enables X to offer money transfer services like Venmo, a PayPal-owned mobile payment service, and paves the way for the company to allow users to transfer money to each other, according to the report.

Notably, Utah is the 15th U.S. state to give the social media platform permission to explore offering payment capabilities.

The company received its first state money transmitter licence in New Hampshire in June last year, followed by approvals in Pennsylvania, Arizona, Georgia, Maryland and Michigan.

Since acquiring Twitter in 2022, Musk has been trying to turn X into a "everything app", similar to Chinese tech giant Tencent Holdings Ltd.'s WeChat, a messaging and social media app.

It is becoming the everything app and will launch peer-to-peer payments this year, X said in a January blog post.