X to rollout P2P payments this year

X, the social media platform formerly known as Twitter, has confirmed its intention to enter the peer-to-peer (P2P) payments market this year.

In a company update, X revealed the areas it is focused on in 2024 for its business partners, including artificial intelligence and payments.

“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,” the company said.

“We will increasingly power the X user and advertising experience through Artificial Intelligence — from enhancing search and improving ads to fueling a new level of customer understanding, and more,” X stated.

Later, in the same update posted on Tuesday (9 January), X added: “X is set to revolutionize 2024 with groundbreaking products and services that will reshape how we connect, communicate, and transact.”

It has long been rumoured that the social media company will introduce a payment offering, since Elon Musk bought the platform in October 2022 and given his background as founder of online payments platform PayPal.

In an all-company meeting in October last year, audio of which was leaked to The Verge, Musk told employees that X will replace users’ bank accounts and that it would be offering payments by the end of 2024.

The Verge quoted Musk as saying “when I say payments, I actually mean someone’s entire financial life”, adding that “you won’t need a bank account”.

Listen to Igor Pejic, author of Big Tech in Finance: How to prevail in the age of Blockchain, digital currencies and Web3 on the Open Banking Expo Unplugged podcast.