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Elon Musk the CEO of Tesla, has announced that his social media platform X (formerly known as Twitter), will launch a peer-to-peer (P2P) payment service this year.
X revealed its business plans for the year in a company blog post on the 9th (local time), stating, “We will launch P2P payments to provide more user convenience and new business opportunities.”
X continued, “2023 was a year of establishing the foundation of X, and 2024 will be a year of pursuing change. We will demonstrate our ability to offer new business opportunities to more users and enjoy more in one place.”
Reflecting on the progress made on the first anniversary of the acquisition, X emphasized, “X is not just a simple app, but is becoming the everything app that seamlessly integrates experiences for everyone through a single interface.”
Musk previously announced in July last year that he would transform X from a social media platform for messaging into an app offering a variety of functions, after changing its name and logo from Twitter and Bird to its current form.
He stated, “We will add functions that can manage comprehensive communication and the entire financial sector within a few months.”
Even before acquiring this social media platform in October 2022, Musk had mentioned the need for a ‘super app’ that offers a wide range of functions such as messaging, product payment, and remote vehicle calling, citing examples like China’s WeChat and TikTok.
In April last year, he expanded the function of providing financial investment information within social media by partnering with the stock and cryptocurrency trading site ‘eToro’.
By. Soo Min Hwang
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