X, the social media platform formerly known as Twitter, will launch peer-to-peer payments this year.
The new feature will allow users to send and receive money directly within the app, as part of X’s vision to become an “everything app” that offers a range of services, from posting to shopping.
In a blog post, X said the peer-to-peer payments will enable “more user utility and opportunities for commerce” as the platform works to “revolutionize 2024”. The post did not provide any details on how the payments would work or when they would be available.
Elon Musk acquired X for $44 billion in late 2022 and has since been implementing major changes to the platform. He renamed it X and introduced new features such as long-form video, audio and video calling, X Hiring (job search), Communities, Grok (a chatbot), and more. He also partnered with eToro to allow users to access cryptocurrencies, stocks, and other financial assets on X.
Musk said he wants to transform X into an “everything app”, where users can do everything from posting to managing their finances, without leaving the app.
The peer-to-peer payments feature is expected to be a key part of X’s strategy to attract more users and generate more revenue.
X also said it “will increasingly power the X user and advertising experience through Artificial Intelligence,” continue to show more relevant and important content by enhancing the xAi-powered See Similar Posts feature, and continue to invest in creators and content partnerships.
The social media platform currently has over 400 million monthly active users but lags behind its rivals Facebook and Instagram, which have over 3 billion and 2 billion, respectively.
Featured image: Kelly Sikkema from Unsplash
