X Announces Peer-To-Peer Payment Service Will Launch In 2024

SonicSpike shares a report from Forbes: X, the social media site formerly known as Twitter, announced it would begin rolling out a peer-to-peer payment service similar to Venmo or PayPal this year -- a feature the social media site's billionaire owner Elon Musk has long pushed as part of his plan to develop an 'everything app.' X officially announced the new feature in a blog post, touting the new service designed to enhance 'user utility and new opportunities for commerce.' The company did not give a timeframe on when the new service would be available, but Musk previously told Ark Invest CEO Cathie Wood it could launch as early as 'mid-2024.'

According to the company, the new payment service will 'showcas[e] the power of living more of your life in one place,' as owner Elon Musk continues to promote X as a future 'everything app' capable of handling social media, video and other original content on the same site. X Payments has registered to do business in at least 32 states, according to public records, and has acquired a money transmitter license needed to process payments in 10, TechCrunch reported in December.

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