Elon Musk's X (formerly Twitter) will soon implement peer-to-peer payments on the platform sometime this year.
Plans for the new money transaction method on the site were announced on X's latest blog post as part of its "transformational" focus for its business partners.
According to X, the introduction of a direct way for users to pay sellers and businesses will unlock "more user utility and new opportunities for commerce."
All peer-to-peer payments will go through X Payments LLC, a payment platform that only has money transmission licenses in 14 states.
No exact dates yet were given when the peer-to-peer payments will launch or if it will immediately be available to all countries.
The announcement of a new payment feature on the platform comes after Fidelity, one of X's investors, reported that the platform lost over 71% of its original value since Musk bought it for $44 billion in 2022.
'Everything App' X Launches More Payment Methods
The peer-to-peer payment is only the latest change Musk has brought to the platform since he took over, most of which are payment transactions and commerce-related.
Just last October, X launched a $1 annual fee for some countries like New Zealand and the Philippines in an effort to "combat bots and spammers."
Before that, Musk partnered with eToro to introduce direct trading of cryptocurrencies, stocks, and other financial assets on the site.
Many new features on the platform, like its chatbot Grok, are locked away behind the X Premium paywall.
The platform has even pushed its advertisements and X subscribers' posts "from enhancing search and improving ads to fueling a new level of customer understanding."
This comes after X reported lower ad revenues last year with many prominent businesses vowing to not run their ads on the platform anymore.
Related Article : Elon Musk's X Ad Revenue Plunges Down for Entirety of 2023
X User Count Continues to Decrease
Despite the new business attractions on the site, X user count continues to decline with a 16% drop last September, according to The Wall Street Journal. This is contrary to Musk's claims that the site has more traffic now.
X has also been suffering more system outages and glitches after Musk laid off former Twitter employees during his first months on the platform.
It did not help that the billionaire recently got involved with antisemitic and racist accusations following his sharing hate speeches against Jews on his account.
