Payments on X: Elon Musk’s 2024 Initiative

Social media platform X has announced that it will launch peer to peer payments in 2024 to allow for “more user utility and opportunities for commerce.”

Musk has often explored ways to delve into different parts of the ecommerce/payments industry, so it comes as no surprise that X would be a place that he would look to fulfill this desire to enter into payments. The blog, however, was short on details.

Musk had previously stated that X would be a place where one could “conduct your entire financial world.”

Musk bought X, formerly known as Twitter, a little less than two years ago for $44 billion. Managing financial transactions was part of his vision for the company from almost the beginning but this will be one of the first true role outs that looks to accomplish that goal.

What role banks will play in this remains to be seen.