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X App Announces Plans to Launch Peer-to-Peer Payments Feature in 2024

X, the giant social media platform formerly known as Twitter, has announced its intention to launch peer-to-peer payments sometime this year. In a blog post published on Tuesday, the platform revealed the upcoming payment feature, in addition to several other anticipated updates.

The announcement reads:

“We will launch peer-to-peer payments, unlocking more user utility and new opportunities for commerce, and showcasing the power of living more of your life in one place.”

The blog post did not provide additional details on the payments feature or publicize a deadline. Nonetheless, the announcement tallies with owner Elon Musk’s initial plan to transform X into an “everything app”. In a tweet, months after initiating the deal to buy Twitter, Musk had noted that “Buying Twitter is an accelerant to creating X, the everything app.”

Elon Musk has previously described its plan to turn X into a super app like WeChat. The WeChat app from Tencent Holdings Ltd (HKG: 0700) allows users access to various functions, including social media, grocery shopping, and medical appointments.

Data from the Nationwide Multistate Licensing System shows that X has obtained money transmission licenses in 14 states, including Rhode Island, Maryland, Pennsylvania, Michigan, and New Hampshire. X is probably working on obtaining similar licenses in other states before officially launching the feature. The platform might also have to meet regulatory requirements for handling money in other jurisdictions, although the feature will likely launch in the United States initially.

X Payments and Other Updates

The announcement for X payments is one of a few others, according to the blog post. The publication states that X plans to improve users’ advertising experiences and enhance searching on the platform using artificial intelligence (AI). In addition, there will be improvements in curating relevant and important content for each user by enhancing the See Similar Posts feature. Furthermore, X will introduce a See Dissimilar Posts feature, aimed at “improving the quality and balance of information [users] receive.” X will use AI to show users content that may challenge their interests, all based on past activity.

Other expected updates include investing in creators and content partnerships, creating more original content, and partnering with industry leaders for more brand safety.

The post also highlighted a few achievements under the X belt over the last year. Some of these include improvements to user experience via new products and features, as well as long-form video uploads. Last December, users watched 130 years’ worth of videos that were at least 30 minutes long. X also said advertising is more relevant and impactful.

Furthermore, X highlighted that it “doubled down on Community Notes,” which is a fact-checking feature to help stem the spread of fake news. The platform is currently working with more than 320,000 contributors in 65 countries.

One of the major features launched last year is Grok, an AI search assistant from xAI, Musk’s artificial intelligence startup.

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X App Announces Plans to Launch Peer-to-Peer Payments Feature in 2024