X, the social media platform previously known as Twitter and now owned by Elon Musk, announced plans today to launch peer-to-peer payment capabilities later this year.

In a blog post published earlier today, X outlined its roadmap for 2024, which includes rolling out the ability for users to send money to each other directly within the app. “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,” the blog post stated.

This new payment feature would allow X’s millions of users to securely transfer money to one another, potentially transforming the platform into a financial services provider. X CEO Elon Musk has previously hinted at his ambitions to turn the platform into an “everything app” with integrated payments, e-commerce, and social media functionalities. Last year, X secured money transmitter licenses in several US states, a regulatory prerequisite for storing and transferring funds on behalf of users.

According to a Financial Times report, X plans to launch peer-to-peer payments for fiat currencies first, with the capability to support cryptocurrencies added later. This matches Musk’s reported preference for building a fiat-based system initially that could incorporate crypto functionality down the line.

X has dabbled in digital asset payments already, having added support for tipping with Bitcoin and Ethereum through its Tips feature in 2022. The launch of direct peer-to-peer payments would represent a major evolution of X’s financial capabilities. It could open the door to additional financial services, like lending or investment accounts, as Musk aims to make X a versatile platform for digital finance and e-commerce.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	1
People	Elon Musk
Companies	Twitter, Financial Times
Currencies	Ethereum, Bitcoin
Securities	None