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Elon Musk’s X platform to introduce peer-to-peer payments

KEY POINTS

  • X (Elon Musk’s social media platform), formerly Twitter, announced it will introduce peer-to-peer (P2P) payments this year.
  • The company stopped short of giving specific details about how the payments will happen or when will the official launch happen.
  • Musk has been attempting to transform X into an “everything app,” where users are able to carry out a whole lot of functions, from posting to managing finances.

Social media platform X (formerly Twitter) is all set to launch a peer-to-peer (P2P) payment system this year (2024). In a 9th January post charting its roadmap for the New Year, the microblogging platform revealed plans for this payment system, accentuating its potential to enhance user utility and open new avenues for commerce. “We will launch peer-to-peer payments, unlocking more user utility and new opportunities for commerce, and showcasing the power of living more of your life in one place,” X stated.

This innovative feature has the potential to revolutionize X’s platform and prove to be a very important step in the direction of the platform’s evolution into an “everything app”. This P2P feature is all set to empower millions of X users to transfer funds between themselves securely. It would be a significant milestone and instantly position the X platform to become a top financial services provider.

The platform owner (Elon Musk) had dropped hints last year itself that this feature could be introduced. For now, X has not explicitly confirmed whether its peer-to-peer (P2P) system will involve cryptocurrencies or fiat currency (government-issued currency), but given Musk’s pro-crypto leanings, expectations lean toward the former.

Last year X had obtained licensing in quite a few U.S. states, letting it to handle P2P payments and other money transfers in a way that is similar to PayPal. The company got its most recent licenses in Pennsylvania in mid-December, increasing them to 13. Together with the P2P payment feature, X wishes to enrich user experience, content, and advertising capabilities by applying AI (artificial intelligence). This development plan aligns with X’s broader strategy to advance from its foundational stage to a more sophisticated stage, “everything app.” Point to be noted here is that social interactions and financial activities can blend very well on a platform like X.

Beyond P2P payments, X owner Musk anticipates X to become a platform where users can effortlessly navigate diverse functionalities, from posting updates to handling their financial transactions. Musk’s venture into the financial landscape via X is a strategic journey that includes measured steps towards integrating cryptocurrency into the X social networking platform.

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