X (formerly Twitter):
- Social media platform X, formerly known as Twitter, has announced plans to launch peer-to-peer (P2P) payments this year.
- Elon Musk, who acquired the platform in October 2022, revealed his ambitions for X to enter the payments space, including P2P transactions, savings accounts, and debit cards.
- X Payments, the platform’s payments subsidiary, has obtained a money transmitter license in 14 states, allowing it to process payments and move money within these states.
- The platform previously partnered with eToro in April 2023 to provide users access to stocks, cryptocurrencies, and other financial assets.
- The exact launch date and details of the P2P payments service, as well as other financial services like savings accounts and debit cards, are currently unknown. Competing with incumbent players and other Big Tech companies, X aims to enhance user utility and create new opportunities for commerce.
