X to Introduce Peer-to-Peer Payments Soon

The social media platform X announced that it will launch peer-to-peer payments this year. X said the payments will unlock “more user utility and opportunities for commerce” as the social platform wishes to “revolutionize 2024.”  It will also be counted as the first major change since Elon Musk’s acquisition of X. Musk has ambitions to transform X into an “everything app” where users will be able to perform multiple functions, from posting to managing finances.

In a post on X in July, the tech billionaire said the company planned to add “comprehensive communications and the ability to conduct your entire financial world.”  A few months before, X rolled out a feature in collaboration with eToro, a social trading company, that enables users to access cryptocurrencies, stocks, and other types of financial assets.

The company said it will also introduce more original content and talent, continue to invest in creators and content partnerships, and strengthen ads this year, according to a blog post.

“X is not just another app — it’s becoming the everything app, seamlessly uniting experiences into one interface for everyone,” the company wrote.

On the other hand, the company didn’t offer specific details regarding how the payments will work or when they will be officially launched. According to the Nationwide Multistate Licensing System website, X Payments LLC—the payment subsidiary of X — has only acquired money transmission licenses in 14 states to date.

Also read:

X Community Notes Feature is Rolling out in Pakistan; Learn More!

X Restored After Hours of Global Outage