X, the social media platform formerly known as Twitter, has welcomed 2024 with a range of new announcements, including a target to launch a peer-to-peer payment system within the application.
The company announced the feature in a blog post, and pledged to “revolutionise 2024 with groundbreaking products and services that will reshape how we connect, communicate, and transact”.
X said the payments will unlock “more user utility and opportunities for commerce” but did not offer a specific launch date or any details about how the payments will work.
If successful, the introduction of peer-to-peer payments would mark the first step in the transformation of X into an “everything app”, in which users can carry out a variety of functions, from posting to managing finances.
The new peer-to-peer payments system could be integrated alongside other features recently added to the platform, such as creator revenue sharing and online shopping.
To date, X Payments LLC — the payment subsidiary of X — has obtained money transmission licenses in 14 states, according to the Nationwide Multistate Licensing System website,
The rebranding of Twitter into X was part of the new strategic vision implemented by Elon Mush after his $44 billion acquisition of the social media platform in late 2022.
