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Musk's X to launch P2P payments

Elon Musk's social media platform, X (formerly known as Twitter), has announced its plans to launch peer-to-peer payments later this year. Musk envisions a seamless integration of financial transactions within the social media experience, aiming to transform X into an "everything app," where users can carry out a variety of activities, including managing finances.

The introduction of peer-to-peer payments on X is part of Musk's broader vision to create a comprehensive hub for financial services, potentially disrupting traditional financial institutions by offering users an all-in-one platform for their financial needs. The company has started applying for money transmission licenses in several U.S. states, indicating its serious intent to enter the payments space. This move could have significant implications for the banking and payments industries, as it blurs the lines between social interactions and financial capabilities, redefining user experiences and potentially reimagining the way users engage in financial transactions.

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