X has announced it would begin rolling out a peer-to-peer payment service similar to Venmo or PayPal this year

X has announced it would begin rolling out a peer-to-peer payment service similar to Venmo or PayPal this year, per Frobes.

X has revealed plans to introduce a peer-to-peer payment service akin to Venmo or PayPal later this year. In an official blog post, the company highlighted the new feature as a means to enhance "user utility and new opportunities for commerce."

While no specific launch date was provided, Elon Musk, X's owner, previously indicated to Ark Invest CEO Cathie Wood that it might debut as early as "mid-2024." The upcoming payment service aligns with Musk's vision of X as an "everything app," aiming to consolidate various functionalities, such as social media, video content, and now, peer-to-peer payments. X Payments has obtained licenses to operate in at least 32 states, signaling the company's commitment to its financial services expansion.

Musk's interest in online payments traces back to his co-founding of X.com in the 1990s, which eventually evolved into PayPal. Since acquiring X in 2022, Musk has expressed his intention to integrate comprehensive communication and financial capabilities into the platform. He sees WeChat, a Chinese app combining instant messaging and peer-to-peer payments, as a model for X's success.

The announcement emphasized X's "unstoppable momentum," citing record user engagement and the recent launch of new services under Musk's leadership. Despite claims of 500 million users, online tracker Similarweb suggested lower figures, indicating around 94 million site visits and 45.9 million unique users.