X announces peer-to-peer payments

Wednesday 10 January 2024 14:42 CET | News

The social media platform X has announced plans to launch peer-to-peer payment business, aiming to allow more user utility and new opportunities for commerce. 

According to the announcement, this launch would provide a payment service similar to Venmo or PayPal. This feature is part of the social media site’s owner Elon Musk, who has long pushed it as part of his plan to develop an everything app. 

Since the company formerly known as Twitter was purchased for USD 44 billion in October 2022, X has been seen reinventing itself with a myriad of changes, including renaming it to X in July 2023.

The social media platform X has announced plans to launch peer-to-peer payment business, aiming to allow more user utility and new opportunities for commerce.

According to the company, the new payment service is set to showcase the power of living more of your life in one place, an app capable of handling social media, video and other original content on the same site. 

The announcement did not further provide any additional details about when the peer-to-peer payment service will be available or how it is intended to work. 

In addition to introducing peer-to-peer payments, the company stated that it is prioritising key areas in 2024. These include enhanced AI utilisation, new features enabling users to view diverse posts for exposure to challenging perspectives, and partnerships aimed at boosting advertising efforts. 

Peer-to-peer payments 

The peer-to-peer payment market is worth USD 2.21 trillion globally and is expected to grow 18% annually through 2032, at which point it will be valued at USD 11.62 trillion. 

PayPal remains the most popular peer-to-peer payment app, followed by Cash App, Venmo, Zelle and Apple Pay, according to a September 2023 LendingTree survey. Moreover, the survey found out that about 93% of Americans use peer-to-peer payment apps. The most popular transactions are shopping online, paying for services and splitting expenses. 

Other recent updates from X 

In August 2023, the company obtained a licence to store, trade, and transfer Bitcoin and other cryptocurrencies. Rhode Island authorities have granted a license to Twitter Payments LLC, a division of company X, allowing it to facilitate the storage, transfer, and conversion of Bitcoin and other digital currencies on behalf of its users.  

The currency transmitter licence is a regulatory requirement for entities aiming to engage in these specific functions in the realm of cryptocurrencies. This licence encompasses affiliated service providers, including digital wallets, payment processors, and cryptocurrency exchanges.  

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Keywords: product upgrade, payments , online payments, mobile payments, P2P payments
Categories: Payments & Commerce
Countries: World
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