Social media company X, owned by billionaire Elon Musk, is gearing up to introduce a peer-to-peer payment system later this year. This strategic expansion comes over a year after Musk acquired the platform formerly known as Twitter, with plans to integrate various features such as payments, creator tools, and shopping.
The upcoming peer-to-peer payments are expected to offer users increased utility and open new avenues for commerce, reinforcing Musk’s vision of users living their “life in one place.” In a recent blog post, X outlined its plans for the year, emphasizing the power of the platform to facilitate financial transactions seamlessly.
X has already obtained licenses for payment processing in a dozen U.S. states as of December 2023, and this number has now grown to 14, including the recent additions of Arkansas and Pennsylvania. Elon Musk envisions a future where users can easily send money to others and withdraw funds directly to authenticated bank accounts.
In addition to the peer-to-peer payment system, X outlined its broader plans for 2024. The company aims to leverage Artificial Intelligence (AI) to enhance the overall user experience on the platform. This includes utilizing AI to improve search functionalities, enhance ads, and provide users with a deeper understanding of their preferences.
X is set to introduce innovative features like “See Similar Posts” powered by xAI, allowing users to explore content aligned with their interests or challenging their perspectives based on their past activities. The company is committed to supporting creators, forging content partnerships, and enhancing its advertising offerings, focusing on video, performance, and brand safety.
Highlighting achievements from the previous year, X shared that it successfully invested in creators, compensating over 80,000 creators through its ads revenue sharing program within a year. The company also emphasized its efforts to make advertising on X more relevant and impactful by aligning organic and ads algorithms, launching new products, and fostering content partnerships. These initiatives contributed to a significant 22% increase in total ad engagements for X.
As Elon Musk’s vision for X unfolds, the platform continues to evolve into a multifaceted space, catering to diverse user needs and preferences. The introduction of peer-to-peer payments marks a significant step in this transformative journey for X.