Elon Musk's social media platform, X, formerly known as Twitter, has revealed its plans to introduce peer-to-peer payments later this year, as outlined in a blog post on Tuesday.

According to CNBC, the announcement signifies a move that will unlock "more user utility and opportunities for commerce" as the company works to reshape its landscape in 2024. However, the blog post did not provide specific details regarding the mechanics of these payments or their official launch date.

(Photo : Michael M. Santiago/Getty Images)
NEW YORK, NEW YORK - NOVEMBER 29: C.E.O. of Tesla, Chief Engineer of SpaceX and C.T.O. of X Elon Musk speaks during the New York Times annual DealBook summit on November 29, 2023 in New York City.

Peer-to-Peer Payments of X

X Payments LLC, the payment subsidiary of X, has already secured money transmission licenses in 14 states, according to information available on the Nationwide Multistate Licensing System website. It suggests the platform is gradually working towards regulatory compliance and geographical expansion for its payment services.

The integration of peer-to-peer commerce represents the latest transformative initiative at X following Elon Musk's acquisition of the platform for $44 billion in late 2022. Musk, renowned as the CEO of Tesla and SpaceX, has been steering X's evolution into an "everything app."

In a July post on X, Musk articulated the company's vision to incorporate "comprehensive communications and the ability to conduct your entire financial world." It aligns with X's earlier introduction of a feature developed in collaboration with eToro, enabling users to access cryptocurrencies, stocks, and various financial assets.

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X to Become an 'Everything App'

The company's commitment to becoming an "everything app" extends beyond financial functionalities. X also aims to enhance its content offerings by introducing more original content and talent. 

Additionally, there are plans to continue investing in creators and content partnerships, reinforcing its advertising capabilities throughout the year. 

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