X Prepares P2P Payment Feature, Scarces To Become A Financial Service Provider?

JAKARTA - X, a social media platform previously called Twitter, plans to launch a peer-to-peer (P2P) payment feature in 2024. This feature will allow users to send and receive money directly through the X application.

This was revealed by X in his official blog post today. X said that the P2P payment feature is part of its roadmap for 2024, which aims to provide more utilities and opportunities for users.

"We will launch peer-to-peer payments, open up more user utilities and new opportunities for trading, and show more life powers than your life in one place," X wrote.

With this P2P payment feature, millions of X users can securely transfer money to each other, without the need to use third parties or other platforms. This has the potential to make X a financial service provider, apart from being a social media platform.

CEO X, Elon Musk, has previously expressed his ambition to turn X into a everything app or app covering everything by integrating payments, e-commerce, and social media functionality. Musk wants to make X a versatile platform for digital finance and e-commerce.

To make this happen, X has obtained licenses for money senders in several US states last year, which is a regulatory requirement for storing and transferring funds on behalf of users.

X has also tried digital asset payments before, adding support to tip with Bitcoin and Ethereum through its Tips feature by 2022. However, this P2P payment feature will be a big step for X to develop his financial capabilities.

This P2P payment feature is expected to increase adoption and use of X, as well as provide benefits for users, such as lower transaction fees, higher security, and global market access.