Elon Musk's Platform X Announces Upcoming Peer-to-Peer Payment Feature

The social media platform X, previously recognized as Twitter, revealed its plans to introduce peer-to-peer payments within the year.

This move aims to enhance user experience and open up new avenues for commercial activities as X strives to redefine its offerings in 2024.

However, specific details regarding the functionality and the official launch date of this feature remain undisclosed.

As per information available on the Nationwide Multistate Licensing System website, X Payments LLC, the payment arm of X, has secured money transmission licenses in only 14 states to date.

This imminent inclusion of peer-to-peer transactions adds to a series of transformative changes initiated at X since Elon Musk's acquisition of the company for a whopping $44 billion in the latter part of 2022.

Elon Musk, renowned as the CEO of Tesla and SpaceX, envisions X evolving into an "everything app," enabling users to perform diverse tasks ranging from social interactions to financial management.

In a July post on the platform, Musk hinted at plans to incorporate "comprehensive communications" and extend functionalities to encompass users' complete financial activities.

Earlier initiatives by X include a collaboration with eToro, a leading social trading platform, enabling users to delve into cryptocurrencies, stocks, and various other financial instruments.

Furthermore, X's blog post on Tuesday outlined its commitment to amplifying original content, fostering talent acquisition, and reinforcing advertising strategies throughout the year.

Emphasizing its overarching vision, the company stated, "X transcends beyond being merely an app—it's transitioning into an all-encompassing platform, amalgamating diverse experiences within a unified interface for its vast user base."

Ashley Capoot / CNBC