Elon Musk’s ‘X’ to Unveil Peer-to-Peer Payments, AI Integration in 2024
In a strategic move to transform the platform into an all-encompassing app, billionaire owner Elon Musk’s social media company, X, is set to unveil a peer-to-peer payment system later this year. The announcement comes as part of Musk’s ongoing efforts to diversify the platform, which was previously known as Twitter, by incorporating features like payments, creator tools, and shopping.
In a recent blog post outlining their vision for the upcoming year, X expressed its commitment to unlocking more user utility and creating new commerce opportunities through the introduction of peer-to-peer payments.
The company envisions users managing various aspects of their lives seamlessly within the platform.
As of January 2024, X has secured licenses for payment processing in 14 U.S. states, with the recent additions of Arkansas and Pennsylvania.
Musk envisions a future where users can easily send and receive money, linking directly to authenticated bank accounts. Alongside the payment system, X plans to deploy Artificial Intelligence (AI) to enhance the overall user experience on the platform.
Read Also:
The company aims to leverage AI for various purposes, including improving search functionality, refining advertisements, and providing a deeper understanding of customer behavior.
The AI integration will also power innovative features like “See Dissimilar Posts,” allowing users to explore content aligned with their interests or challenging their perspectives based on past activity. X aims to improve the quality and balance of information users receive by enhancing its recommendation algorithms.
Highlighting their achievements from the previous year, X reported significant strides in supporting creators. The platform paid over 80,000 creators through its ads revenue sharing program within a year. Additionally, the company enhanced advertising relevance by aligning organic and ads algorithms, resulting in a notable 22% increase in total ad engagements.
Looking ahead, X is poised to strengthen its advertising offerings through video, performance, and brand safety pillars. The company also emphasized its commitment to partnerships with industry leaders to enhance brand safety capabilities, exemplified by their collaboration with Integral Ad Science.
As X continues its evolution into an ‘everything’ app, users can anticipate a more integrated and immersive experience, combining social interactions, financial transactions, and curated content, all powered by cutting-edge AI technology.
