In a blog post yesterday describing their 2024 plans, we learned that X will be launching peer-to-peer payments later this year.
We know that the company has been slowly obtaining money transmitter licenses as it builds out its payments capabilities. But this is the first time we have heard about concrete plans to launch a payments service.
There was no detail on how the service might work or how it would compete with established players like Venmo, Cash App and Zelle.
Elon Musk indicated last year that X wants to have “the ability to conduct your entire financial world” when discussing the rebrand from Twitter to X.
I think they will face an uphill battle for adoption unless they can create something so unique and compelling that users abandon their existing service. That is a tall order.
USA: JPMorgan’s WePay Abruptly Dumps Business Customers JPMorgan Chase has stopped providing payments services for many long-standing clients of WePay, the payments processing business for small accounting and marketing businesses it acquired in 2017, suggesting a retreat in the bank’s efforts to compete with Stripe.
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Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.