Social media company, X, is planning to roll out a peer-to-peer payment system on the platform this year as part of moves by the billionaire owner, Elon Musk, to turn it into an ‘everything’ app.
Since acquiring the company over a year ago, Musk has been sharing plans to transform the platform formerly known as Twitter by adding many new features including payments, creator tools, and shopping, among others.
Unveiling its plans for this year via a blog post, X said the peer-to-peer payments to be launched later this year would unlock more user utility and new opportunities for commerce.
The company said this would also showcase the power of the platform users living their “life in one place.”
Reports have indicated that as of December 2023, X was licensed for payment processing in a dozen U.S. states, and by this January that number stands at 14, with the recent additions of Arkansas and Pennsylvania.
Musk had earlier said that he envisions a platform where users will be able to send money to others and extract those funds to authenticated bank accounts.
Other plans for 2024
In the roadmap for the year, X also highlighted plans to deploy AI this year to enhance user experience on the platform.
- “We will increasingly power the X user and advertising experience through Artificial Intelligence — from enhancing search and improving ads to fueling a new level of customer understanding, and more.
- “We will continue to show you more relevant and important content by enhancing our innovative See Similar Posts feature, powered by xAI. The upcoming See Dissimilar Posts enhancement will empower users to explore content that aligns with their interests or challenges their perspectives based on their past activity, improving the quality and balance of information they receive.
- “We will continue to invest in creators and content partnerships that attract new users and fuel advertising.
- “We will strengthen our full-funnel ads offering through the core pillars of video, performance, and brand safety.
- “We will continue to partner with industry leaders to bring you more brand safety capabilities and verification through our partnership with Integral Ad Science,” the company shared.
On its achievements for last year, the company said it was able to invest in creators, as it paid over 80,000 creators through its ads revenue sharing program in less than a year.
The company added that it was also able to make advertising on X more relevant and impactful by bringing its organic and ads algorithms closer together while launching new products and content partnerships to help advertisers drive full-funnel outcomes.
Through these changes, X said it saw a 22% increase in total ad engagements.