X Announces Plans to Launch Peer-to-Peer Payments in 2024

Social media giant X, formerly known as Twitter, has unveiled its ambitious plan to introduce peer-to-peer payments (P2P) in the year 2024, as highlighted in Fintech Global News. The San Francisco-based company had dedicated the entirety of 2023 to acquiring the necessary payment processing licenses. Finally, in December, they achieved authorization to operate in 13 states, as reported by Finextra.

In an official blog post, X declared, «2023 was foundational for X, and 2024 will be transformational. 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.» However, the announcement left out specific details regarding how these payments would function and the exact launch date.

It’s worth noting that Tesla CEO Elon Musk had acquired the social media heavyweight in a substantial deal valued at approximately $44 billion the previous year, according to ABC News. Following the acquisition, Musk initiated substantial changes within the company, which included the removal of multiple executives and the reduction of half of the firm’s workforce.

In an audio call obtained by The Verge as recently as October, Musk outlined his vision for X’s future and its role in users’ financial lives. He envisions X as the central hub for all financial aspects of one’s life, overseeing and managing monetary activities comprehensively. Musk has expressed optimism that these transformative features could be fully realized by the end of 2024.

This announcement by X signifies a significant step towards integrating social media and financial services, potentially reshaping how users manage their finances within the platform. Stay tuned for further updates as X progresses with its peer-to-peer payment initiative.