X will offer peer-to-peer payments this year.

According to a blog post published on Tuesday, Elon Musk’s social media platform X, which was once known as Twitter, has revealed that it would provide peer-to-peer payment services later this year.

As part of the platform’s efforts to “revolutionize 2024,” X stated that the payments will make “more user utility and opportunities for commerce” available. Neither how the payments would be processed nor the date on which they would be made available to the public were specified in the blog post.

According to the website of the Nationwide Multistate Licensing System, X Payments LLC, which is the payment division of X, has only secured money transmission licenses in 14 states up to this point.

The introduction of peer-to-peer trade on the platform would be the most recent significant shift that has taken place at X since Musk purchased the firm and paid $44 billion for it in late 2022. Musk, who is also the CEO of Tesla and SpaceX, has been working toward the goal of transforming X into an “everything app” that allows users to perform a wide range of duties, including publishing and managing their money.

Musk announced in a post that was published on X in July that the firm intended to incorporate “comprehensive communications and the ability to conduct your entire financial world.” Users can gain access to cryptocurrencies, stocks, and other sorts of financial assets through a feature that was released by X many months ago. This function was developed in collaboration with eToro, a social trading application.

According to the blog post that was published on Tuesday, the firm has stated that it would also increase the amount of original material and talent that it releases, continue to invest in content partnerships and creators, and boost advertisements this year.

In a statement released by the firm, it was said that “X is not just another app; it is becoming the everything app, seamlessly uniting experiences into one interface, for everyone.”