Elon Musk's plan to turn X, formerly known as Twitter, into an "everything" app is going to pick up speed in 2024. In a new post on the official X Business blog this week, the company revealed some of its plans for the year 2024. One of these features will be the launch of peer-to-peer payments on X.
Peer-to-peer payment services such as PayPal, Square's Cash App or Google Pay, allow users to transfer money using their electronic devices and accounts at the service. The majority supports money transfers between users and also making payments to purchase goods online or offline.
Musk's intention with X's transformation seems to be taking cues from WeChat, a China-exclusive app by Tencent that combines peer-to-peer payments with social media and instant messaging.
The announcement on X's blog acts as a teaser for things to come only. X writes: "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 main takeaway from the paragraph is that X will launch a service that is similar to established services functionality-wise. X users may use it to send money to other users and they also may use it to make payments online.
Another competing service is Meta Pay, which was formerly known as Facebook Pay. Meta users may use the service to make payments on Meta apps, including Facebook, Messenger and Instagram, and in participating stores. Meta users may use Meta Pay to "make purchases, send money, donate within the app, or check out when shopping online".
It is possible that the service will launch in the United States initially. Techcrunch reported in December 2023 that X received a license for payment processing in more than 30 states of the United States.
As far as the timeframe of the launch is concerned, Musk revealed last year that X was aiming for a launch of the payment processing service in mid-2024.
Internet users have lots of options when it comes to making payments directly to others. It remains to be seen how successful X's implementation will be. While it may be attractive to some X users, as they are already using the platform, it probably may need a push to get off to a good start. Whether that is going to be offering better rates or other benefits remains to be seen.
Now You: do you use payment processing apps?
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