X, formerly doing business as Twitter, has announced it will launch peer-to-peer payments in 2024 fulfilling an already revealed goal of the platform.
In a blog post, X outlined its accomplishments and changes since Elon Musk took over the faltering social media platform. X said that in 2023, they outlined their ambitions as the platform evolves into the global Times Square, and this is the year when this mission will “come alive.”
X said:
“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.”
While details of the Fintech service are few, X will compete with other established tech firms like Apple and Google as well as incumbent financial services firms and established Fintechs like PayPal (a company that Musk helped to create).
In October 2023, X outlined its first Fintech service, stating:
“Payments. We want money on X to flow as freely as information and conversation. We have already secured [the] first money transmitter licenses in several states, and we are moving toward launching a global payment system – more soon!”
X will leverage the desire of users to spend time on fewer platforms rather than many. If X pushes into payments and transfers, you may expect the company to add other banking services and perhaps investments at some point in the coming years. The future of Fintech is the ubiquity of financial services that are not obtrusive – they are there when you need them but otherwise are in the background.
Musk has already established X as perhaps the last bastion of Free Speech – infuriating the establishment that previously controlled the social media platform.
In late 2023, X reported over 7.8 billion active minutes on X each day and daily sign-ups for new users of 1.5 million.