Elon Musk’s X to launch peer-to-peer (P2P) payments this year
Get ready to ditch Venmo. Elon Musk’s X (formerly Twitter) is set to revolutionize social media with the launch of peer-to-peer (P2P) payments this year. The proposed launch is part of Musk’s push to make X an “everything app” like China’s WeChat.
In a blog post on Tuesday, X announced it will launch peer-to-peer payments this year. X said the payments will unlock “more user utility and opportunities for commerce, and showcasing the power of living more of your life in one place” as the platform works to “revolutionize 2024.”
“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,” X wrote.
However, X did not provide specific details about how the payments will work or when they will officially launch.
As you may recall back in October, X launched audio and video calling as part of Musk’s push for X to become an “everything app” and set the stage for X to compete with Meta’s WhatsApp, which currently has over a billion users.
Since rebranding Twitter to X in July, Musk has signaled he would turn the platform into a super app offering similar to Tencent’s WeChat which offers a range of services from messaging and social networking to peer-to-peer payments.
Bringing peer-to-peer commerce to the platform is the latest significant change at X since Musk acquired the company for $44 billion in late 2022. Musk had previously shared plans in a July post on X to incorporate “comprehensive communications and the ability to conduct your entire financial world.”
Before that, X had collaborated with eToro, a social trading company, to introduce a feature allowing users to access cryptocurrencies, stocks, and various financial assets. In addition to the P2P payments, X also announced its intention to introduce more original content and talent, invest further in creators and content partnerships, and enhance advertising efforts throughout the year.
“X is not just another app – it’s becoming the everything app, seamlessly uniting experiences into one interface, for everyone,” the company said in the blog post.