X to Introduce Peer-To-Peer Payments in 2024

Social media platform X has unveiled plans for a peer-to-peer payment feature set to launch in 2024 following a significant 70% decline in its value after Elon Musk’s acquisition.

This move into financial services aligns with X's overarching strategy to diversify its offerings. Recent additions like audio and video calling have contributed to an average call length of 10 minutes. The introduction of X Hiring has seen rapid adoption, with 750,000 active jobs posted on the platform within six months.

Additionally, securing a license late last year to offer cryptocurrency payments and trading services in the United States, X has been authorized to provide services related to digital assets on behalf of its users.

“X is not just another app – it is becoming the everything app, seamlessly uniting experiences into one interface, for everyone,” reads a company’s post. Its goal is to develop the app to be a platform where users can do everything, they would need within it – make calls, watch longer videos, and now payments. With the licenses, X envisions users sending money, withdrawing funds to authenticated bank accounts, and potentially exploring high-yield money market accounts in the future, creating competition with established players like PayPal.

“X is set to revolutionize 2024 with groundbreaking products and services that will reshape how we connect, communicate, and transact,” reads the company’s blog. 

However, X’s financial landscape has encountered challenges since Elon Musk's acquisition in October 2022 for US$44 billion, leading to the rebranding of Twitter as X in July 2023. Fidelity, a major stakeholder of X, reported a 71.5% reduction in the value of its shares since Musk's acquisition. The value of X was reported at US$19 billion in October, marking a decline of approximately 55% from the acquisition price. Fidelity's current estimate places X's value at approximately US$12.5 billion.

In terms of user numbers, the United States leads with a total of 108 million users, while Mexico ranks eighth with 19.6 million.