Elon Musk's X, formerly Twitter, plans to transform the platform into an 'everything app' by introducing peer-to-peer payments in 2024. X aims to unite experiences into one interface, offering new opportunities for commerce. Although specific details and a timeline for the payments feature have not been disclosed, X Payments LLC has obtained money transmission licenses in 14 US states, suggesting an initial launch in the US. X has already expanded its offerings with features like audio and video calling, and X Hiring with 750k active jobs.
Soon after acquiring
— and then later renaming it to
X
—
Elon Musk
made his intentions clear about turning the social media platform into an “everything app”. X has taken another step in that direction by revealing that payments feature will come to the platform sometime in 2024. “X is not just another app – it's becoming the everything app, seamlessly uniting experiences into one interface, for everyone,” said the company.
In a blog post, X said that peer-to-peer payments will launch soon. “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,” said the company. However, it hasn’t given any specific timeline for the launch of the payments feature. Nor has it detailed how the feature will work.
A report by CNBC reveals that
X Payments
LLC — the payment subsidiary of X — has “only obtained money transmission licenses in 14 states so far.” This indicates that the feature might initially launch just in the US. There are many regulations that X will have to meet in order to offer payments solutions in different regions.
“X is set to revolutionise 2024 with groundbreaking products and services that will reshape how we connect, communicate, and transact. Our unwavering dedication to people, partners, and communities drives our mission to improve and innovate, boldly venturing into uncharted territory while remaining in tune with our community's needs,” the platform said looking ahead to the new year.
Other ‘everything app’ features
X has already moved beyond being just a social media platform. According to X, new features like audio and video calling and are seeing average call length of 10 minutes. Furthermore, capabilities like X Hiring, with 750k active jobs now live on X in just 6 months. “X continues to be the top platform for curious and influential people worldwide, who use it daily to follow their passions, especially during important moments,”noted the company in the blog post.
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