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X to launch peer-to-peer payments this year

By Nithya Bose in Business News, posted January 10, 2024

Elon Musk's social media platform X will introduce peer-to-peer payments later this year.

In a blog post, X said it’s aimed at unlocking enhanced user utility and commerce opportunities.

Specific details on how the payments will function and the official launch date were not provided.

This step marks a significant evolution for X, which Musk acquired for $44 billion in late 2022.

X Payments LLC, the payment subsidiary of X, has obtained money transmission licenses in 14 states, according to the Nationwide Multistate Licensing System website.

This move aligns with Musk's vision of transforming X into an "everything app."

He wants the platform to allow users to seamlessly conduct various functions, from posting content to managing financial transactions.

In a post on X in July, Musk revealed plans to integrate "comprehensive communications and the ability to conduct your entire financial world."

X had previously partnered with social trading company eToro to introduce a feature enabling users to access cryptocurrencies, stocks, and other financial assets.

The company's recent blog post also outlined additional initiatives for the year.

It includes introducing original content and talent, ongoing investments in creators and content partnerships, and strengthening advertising efforts.

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

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