Payment forwarding is coming to X later this year.
X, formerly known as Twitter, will soon be able to send money to other users. Adrien Fillon
The X service, formerly known as Twitter, announces that it will launch a user-to-user payment service this year, with which it will challenge the commonly used payment brokerage services in the United States, Cash App, and Venmo, owned by Paypal.
The billionaire who bought X Elon Musk has long wanted to turn the service into an all-encompassing application that, in addition to everything else, can also be used to send money to others.
To report on it Forbes according to the company has not given an exact schedule for the release of the new payment service. Elon Musk has previously told the CEO of Ark Invest For Cathie Woodthat the payment service is to be brought to X in mid-2024.
The X service is glowing on his blogthat the payment service makes it possible to live more and more in one place, i.e. in the X application.
X Payments has registered its business in 32 US states. In addition, it is licensed to provide payment services in 12 states, TechCrunch told in December. It is currently unclear whether the payment service will be available only in the United States or also in other parts of the world.
According to the magazine, Musk wants to bring the possibility to send payments from one user to another and to use verified bank accounts in the service. This would make the X service a direct competitor to Paypal, which Musk himself was once founding.
Users who collect a lot of impressions and reactions in the X service can receive a share of the advertising money received by the service, and it is of course also easier to pass these on. On the other hand, the service has been in trouble after advertisers disappeared from the platform due to Musk’s outings and the weakening of moderation.