Peer-to-peer payments on X

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Elon Musk's social media platform X, formerly known as Twitter, has announced plans to launch a peer-to-peer (P2P) payment service this year124. The company has not provided specific details about how the payments will work or when they will be launched1. The introduction of P2P payments is part of Musk's vision to transform X into an "everything app," where users can carry out a variety of activities, from posting to managing finances124910. The P2P payment service will allow users to transfer funds among themselves, potentially opening new opportunities for commerce124712. This move could transform X into a hub for social commerce, where users engage in financial transactions within the context of social interactions12. However, it's worth noting that building a P2P system in today's climate of high fraud risk would be extremely challenging2. X has been acquiring the necessary licenses to handle payment processing. As of the latest reports, X has obtained money transmission licenses in 14 states1210. These licenses could create a framework for cross-border payments combined with its global social media reach2. Despite the potential benefits, there are also concerns about security and fraud. Most P2P platforms, like Venmo and CashApp, employ advanced encryption methods and layers of authentication designed to keep user data safe38. However, users must remain cautious, especially because money cannot be recalled by a user after it has been sent38. In the competitive P2P payment market, PayPal remains the most popular app, followed by Cash App, Venmo, Zelle, and Apple Pay4. It's unclear how X's P2P service will compare to these established platforms, but the company's vast user base could potentially give it a strong start2.
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