Social media giant X, formerly known as Twitter, has claimed that it is going to peer-to-peer payments (P2P) this year.
The San Fransisco-based firm spent 2023 attempting to secure payment processing licenses, before landing the authorisation across 13 states in December, according to Finextra.
In a blog post, the company stated, “2023 was foundational for X, and 2024 will be transformational. 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.”
However, the statement refrained from offering specific details about how the payments will work or when they will officially launch.
Tesla CEO Elon Musk acquired the social media heavyweight in a deal worth roughly $44bn last year, according to ABC News. Following this he made sweeping changes to the company’s core, axing multiple executives and laying off half of the firm’s staff.
As recently as October, Musk made bold claims regarding the future of X and its involvement in its users financial lives.
In an audio call obtained by the Verge, he explained to employees that he envisions X as the hub of your financial universe, overseeing all monetary aspects of your life.
Musk also anticipates that the introduction of these features could be completed by the conclusion of 2024.
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