X has introduced a X peer to peer payment service for its US Premium subscribers, the latest step in the platform’s effort to grow beyond social networking. The feature, for those who qualify, allows people to send and receive money from right inside the app, adding financial services to the mix of messaging, content sharing and subscriptions.

The peer-to-peer X payment service is anticipated to allow users to easily transfer money without exiting the platform. If officially announced, the launch would be consistent with X’s broader goal of being a one-app platform for communication, entertainment and financial transactions.

Gold User New Money Transfer Features

The new payment system will be rolled out initially for Premium subscribers in the US, reports said.

If you are an eligible X app user you could be able to send money directly to friends, family or other supported accounts. The feature should make it easier to send and receive personal payments in typical scenarios like splitting a bill, paying somebody back for expenses or sending a gift.

A Piece of X’s Bigger Platform Strategy

The ability to report payments fits into X’s long-term vision of moving beyond traditional social media.

The platform has launched premium subscriptions, monetization tools for creators and longer-form content and tools for businesses in recent years. Peer-to-peer payments could also enable X to be a one-stop shop, where users can chat, create content and make financial transactions all in one place.

For the casual user convenience is a boon

Integrated payments may mean fewer apps you have to open to send money.

They’d still be able to chat, pay, interact with creators or be part of online communities. This could be handy for personal transactions on a daily basis, as long as it’s easy to set up and the transfers are quick.

Might be expanded during rollout

Technology companies generally roll out new services in phases, first to a small subset of users and then to the general public.

If the rollout is successful, X may roll out the payment service to other Premium subscribers, account types, or countries. Any international expansion would also likely require partnerships with payment providers and local financial regulations and licensing requirements .

The authorities are expected to provide details in due course.

There are rumours about a new peer-to-peer payment service for US Premium users, but many details are still up in the air.

It doesn’t tell you which banks are supported, how much you can send, how fast it is, if there are fees, what the refund policy is, or when it will be available internationally. If the service sounds appealing to you, watch for official announcements from X for full details on eligibility, account creation and supported features.

Sources

• X – Official Announcements, Platform News & Premium Feature Updates
• X Help Centre – Learn about account features, security and billing.
• Bloomberg – Business news and social media platforms. Fintech coverage.
• The Verge – Tech. Science. Culture. | The Verge
• TechCrunch – News for startups, fintech, digital payments and social media innovation