Social media platform X, under the ownership of billionaire Elon Musk, is set to introduce a peer-to-peer payment system later this year, marking a step towards transforming the platform into an all-encompassing application. Musk, who acquired the company over a year ago, has outlined plans to enhance the platform, including the addition of features such as payments, creator tools, and shopping.
The upcoming peer-to-peer payment system is expected to provide users with increased utility and open up new opportunities for commerce, showcasing the platform’s potential for users to manage various aspects of their lives in one place.
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As of December 2023, X was licensed for payment processing in twelve U.S. states, and this number has since increased to fourteen as of January, with the recent additions of Arkansas and Pennsylvania. Musk envisions a platform where users can easily send and receive money, extracting funds to authenticated bank accounts.
In the company’s roadmap for 2024, X highlighted plans to leverage artificial intelligence (AI) to enhance user experiences on the platform. The incorporation of AI will play a role in improving search functionalities, enhancing ads, and providing a deeper level of customer understanding. X aims to show users more relevant and important content through innovations like the See Similar Posts feature, powered by xAI.
The company plans to invest in creators and content partnerships to attract new users and drive advertising. Additionally, X will strengthen its full-funnel ads offering through video, performance, and brand safety pillars and collaborate with industry leaders for enhanced brand safety capabilities.
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Reflecting on its achievements in the previous year, X emphasized investments in creators, paying over 80,000 creators through its ads revenue sharing program within a year. The platform improved advertising relevance by aligning organic and ads algorithms, leading to a 22% increase in total ad engagements.
