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Social media company Twitter X, under the ownership of billionaire Elon Musk, is set to launch a peer-to-peer payment system on its platform this year.
Since Musk’s acquisition of the company over a year ago, he has expressed plans to transform it into an all-encompassing app, incorporating features like payments, creator tools, and shopping.
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The peer to peer payment system, scheduled for later this year, is expected to enhance user utility and open new opportunities for commerce, aligning with Musk’s vision of users managing various aspects of their lives within the platform.
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As of December 2023, X was licensed for payment processing in a dozen U.S. states, and by January, this number had increased to 14 with the recent additions of Arkansas and Pennsylvania.
Musk envisions a platform where users can easily send money to others and withdraw those funds to authenticated bank accounts.
In addition to the peer-to-peer payment system, X has outlined other plans for 2024, including the deployment of artificial intelligence (AI) to enhance the user experience on the platform.
AI will play a role in improving search functionality, refining ads, and providing a deeper understanding of customer preferences. The company aims to show users more relevant and important content through innovations like the See Similar Posts feature, powered by xAI.
Furthermore, X plans to continue investing in creators, strengthening its advertising offerings, and partnering with industry leaders to enhance brand safety capabilities and verification.
Reflecting on achievements from the previous year, X noted significant investments in creators, with over 80,000 creators being paid through its ads revenue-sharing program in less than a year.
The company also emphasized the improved relevance and impact of advertising on its platform by aligning organic and ads algorithms, launching new products, and forming content partnerships. These changes resulted in a 22% increase in total ad engagements for X.
