In a blog post yesterday describing their 2024 plans, we learned that X will be launching peer-to-peer payments later this year.
We know that the company has been slowly obtaining money transmitter licenses as it builds out its payments capabilities. But this is the first time we have heard about concrete plans to launch a payments service.
There was no detail on how the service might work or how it would compete with established players like Venmo, Cash App and Zelle.
Elon Musk indicated last year that X wants to have “the ability to conduct your entire financial world” when discussing the rebrand from Twitter to X.
I think they will face an uphill battle for adoption unless they can create something so unique and compelling that users abandon their existing service. That is a tall order.
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Elon Musk’s X to launch peer-to-peer payments this year
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Elon Musk’s social media platform X, formerly known as Twitter, announced it will launch peer-to-peer payments this year.
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