Elon Musk’s X platform to introduce peer-to-peer payments

Social media platform X (formerly Twitter) will launch a peer-to-peer (P2P) payment system this year.

In a Jan. 9 post outlining its roadmap for the new year, the microblogging platform unveiled plans for this payment system, emphasizing its potential to enhance user utility and open new avenues for commerce.

“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,” X stated.

This innovative payment feature has the potential to revolutionize X’s platform by enabling millions of its users to transfer funds among themselves securely. It would signify a significant leap and position the platform to expand into a comprehensive financial services provider.

The platform owner Elon Musk had hinted that this feature could be introduced by mid-2024.

Meanwhile, X did not explicitly confirm whether its P2P system will involve fiat currency or cryptocurrencies, but given Musk’s pro-crypto inclinations, expectations lean toward the latter.

Despite Musk’s pro-crypto stance, the tech billionaire has insisted that none of his firms would ever launch a cryptocurrency token.

Last year, X obtained licensing in several U.S. states that will allow it to handle peer-to-peer payments and other money transfers in a manner that is similar to PayPal. The company obtained its most recent licenses in Pennsylvania in mid-December, increasing them to 13.

Alongside the P2P payment feature, X aims to enrich user experience, content, and advertising capabilities by applying artificial intelligence. This planned development aligns with X’s broader strategy to evolve from its foundational stage to a more transformative “everything app.”

X reduces gold verification badge fees

In a separate move on Jan. 2, X announced a notable reduction in the price of gold verification badges, slashing monthly fees to $200 and yearly fees to $2,000. This adjustment aims to streamline the verification process for businesses, although the exact motive behind the reduction remains undisclosed.

This decision comes amidst a surge in incidents involving gold-verified accounts linked to crypto scams. A recent report from CloudSEK highlighted increased activities where threat actors sell Twitter Gold-verified accounts, which are subsequently used to orchestrate large-scale phishing campaigns.