Social Media platform X, formerly known as Twitter, has announced plans to roll out a peer-to-peer payment system on its platform this year. This addition is taking the social media giants a step closer to becoming the “everything app” as envisioned by its owner, Elon Musk.
As Elon Musk had previously said he envisions a platform where users can send money to others and extract those funds to authenticated bank accounts. The new payment system will add more user utility to the app, create new opportunities for commerce and showcase “the power of living more of your life in one place,” the company said in a blog post on Tuesday.
X has been laying the groundwork for acquiring operational licences from regulators state by state across the United States. Currently, the tally of states where the company has money transmission permission stands at twelve. All these licences were granted in 2023, showcasing how much effort X is putting into achieving its payment system goals.
X officially announced the planned feature in a blog post, stressing its intention to “enhance user utility and unlock new commerce opportunities.” While a specific launch date remains undisclosed, Elon Musk hinted to Ark Invest CEO Cathie Wood that the service might appear as early as “mid-2024.”
