Social media company, X, has plans to launch a peer-to-peer payment system on the platform this year as part of Elon Musk’s efforts to make it into an ‘everything’ app.
Musk has been outlining plans to alter the platform once known as Twitter since acquiring the company more than a year ago, including payments, creator tools, and retail, among other things.
In a blog post announcing its objectives for this year, X stated that peer-to-peer payments, which will be implemented later this year, will unlock additional user utility and fresh opportunities for business.
According to the company, this would also demonstrate the power of platform users living their “life in one place.”
Reports revealed that X was licensed for payment processing in a dozen U.S. states as of December 2023, and that number now stands at 14 with the recent acquisitions of Arkansas and Pennsylvania.
Musk previously stated that he sees a platform where users may send money to others and withdraw money to authorized bank accounts.
X also emphasized intentions to implement AI this year to improve user experience on the platform in the year’s roadmap.
“Through Artificial Intelligence, we will increasingly power the X user and advertising experience, from enhancing search and improving ads to fueling a new level of customer understanding, and more.
“By improving our innovative See Similar Posts feature, powered by xAI, we will continue to show you more relevant and important content. Based on their previous engagement, the future See Dissimilar Posts feature will allow users to explore content that matches with their interests or challenges their opinions, boosting the quality and balance of information they receive.
“We will continue to invest in content creators and partnerships that attract new users and fuel advertising.
“Through the core pillars of video, performance, and brand safety, we will strengthen our full-funnel ad offering.
“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 said in a statement.
In terms of last year’s accomplishments, the company stated that it was able to invest in creators by paying over 80,000 creators through its ads revenue sharing program in less than a year.
The company also stated that it was able to make advertising on X more relevant and impactful by bringing its organic and ads algorithms closer together, as well as establishing new products and content partnerships to assist marketers in driving full-funnel results.
X reported a 22% increase in overall ad interactions as a result of these improvements.
