Social media platform X revolutionizes payments – FinTech Futures: Breaking fintech news

January 15, 2024
1 min read

Social media platform X, formerly known as Twitter, is planning to launch peer-to-peer (P2P) payments this year as part of its goal to become an “everything app.” The platform, which was acquired by Elon Musk in October 2022, aims to generate more user utility and open up new opportunities for commerce with the introduction of P2P payments. The platform’s payments subsidiary, X Payments, has obtained a money transmitter license in 14 states, indicating that it is actively laying the groundwork for its payments ambitions. X has not announced a specific timeline or details about its P2P payments service, and it is unclear when other financial services such as savings accounts and debit cards will be launched. When these services do arrive, X will face competition not only from established players in the North American financial market, but also from other big tech companies such as Apple, which has recently launched its own savings account and buy now, pay later offerings.

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