Elon Musk’s X to Introduce Peer-to-Peer Payments This Year

Social media platform X, previously known as Twitter, has revealed plans to introduce direct peer-to-peer transactions within the year.

Over the past year, the company has been actively pursuing payment processing licenses and has gained approval in 13 crucial US states by December.

In a recent blog outlining its goals for 2024, X stated that it intends to launch direct peer-to-peer transactions, aiming to enhance user convenience and open up new avenues for commerce. This move showcases the advantages of consolidating various aspects of life within one digital space.

However, these plans are somewhat less ambitious compared to the bold statement made by X’s owner, Elon Musk, back in October. Musk had expressed his aspiration for the platform to oversee users’ entire financial spectrum, effectively eliminating the need for a traditional bank account by the end of 2024.

During an internal meeting with employees, reportedly heard by the Verge through audio sources, Musk elaborated further. He mentioned that by “payments,” he meant encompassing an individual’s entire financial landscape. Musk emphasized that any financial transaction, be it currency, securities, or similar assets, would eventually find its place on their platform, indicating a vision where a bank account is no longer a necessity.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.