Elon Musk’s social media network X, previously known as Twitter, announced that peer-to-peer payments would be available this year in a blog post published on Tuesday.
X detailed its 2024 plan in a blog post that was posted earlier today. One of the things on the list is the introduction of a feature that will allow users to send money to one another straight 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,” according to the blog post.
Millions of users on X would be able to safely send money to one another thanks to this new payment capability, which may turn the network into a provider of financial services.
As a regulatory requirement for keeping and moving money on behalf of users, X obtained money transmitter licenses in many US states last year. With the addition of support for tipping with Bitcoin and Ethereum through its Tips function in 2022, X has already experimented with digital asset payments.
Direct peer-to-peer payments would mark a significant advancement in X’s financial capabilities. Musk wants to make X a flexible platform for digital banking and e-commerce, which might lead to the addition of other financial services like lending or investing accounts.
Also Read: Twitter (X) Acquires Required License to Add Crypto Payments
