Will X launch peer-to-peer payments this year?

X, the social media platform formerly known as Twitter, plans to launch peer-to-peer payments this year. Doing so will add more user utility to the app, create new opportunities for commerce and showcase “the power of living more of your life in one place,” the company said in a Tuesday (Jan. 9) blog post.

Will Elon Musk create a 'peer-to-peer' payment service?

You'll be asked to sign into your Forbes account. X, the social media site formerly known as Twitter, announced it would begin rolling out a peer-to-peer payment service similar to Venmo or PayPal this year—a feature the social media site’s billionaire owner Elon Musk has long pushed as part of his plan to develop an “everything app.”

How much is the peer-to-peer payment market worth?

Globally, the peer-to-peer payment market is worth $2.21 trillion, according to Precedence Research. It is expected to grow 18% annually through 2032, at which point it will be valued at $11.62 trillion. A P2P payment service from X would mark the second time Elon Musk has been involved with such an endeavor.