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Elon Musk outlines fintech plan for X with payments launch

The social platform formerly known as Twitter wants to become a financial super-app, among other things

Twitter X Rubaitul Azad/Unsplash

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Just under 15 months on from the completion of Elon Musk's takeover of Twitter, now called X, the company has shown its latest move beyond social media: payments.

The company outlined in a blog post Tuesday that in 2024 users will be able to send peer-to-peer payments to each other.

"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," the blog said.

The product, listed second after artificial intelligence in the company's priorities, would represent X/Twitter's first move into financial services.

Musk has signalled the potential for some time for the company to expand beyond social media. A recently leaked audio of Musk speaking on the subject at an X all-hands meeting obtained by The Verge outlined his thinking.

“When I say payments, I actually mean someone’s entire financial life. If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account,” Musk said.

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