X announces plan to launch peer-to-peer payment service

Microblogging platform, X, has announced plans to launch peer-to-peer payment as part of its transformational strategy for this year.

X, formerly known as Twitter, disclosed this in a blog post on Tuesday.

According to the social media platform owned by billionaire, Elon Musk, the new service is designed to enhance “user utility and new opportunities for commerce”.

The company, however, did not mention when the service will be available.

However, a report by CNBC revealed that X Payments LLC — the payment subsidiary of X — has obtained money transmission licenses in 14 states so far.

Sharing some of its objectives for the year, the company said there would be an increase in the advertising experience of users through artificial intelligence (AI).

“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,” X said.

“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.

“We will create more original content and bring in more talent with some of the most interesting and engaged people on X.”

The company further said it is set to revolutionise 2024 with groundbreaking products and services that will reshape how it connects, communicates, and transacts.

“X is not just another app – it’s becoming the everything app, seamlessly uniting experiences into one interface, for everyone,” the company said.

Last year, Musk introduced several features to the platform.

In April 2023, Musk introduced a feature that allows media publishers to charge users per article.

This followed the announcement that Twitter users will be able to monetise their content, including long-form text and hours-long videos.

May last year, Musk said the platform would take 10 percent cut on content subscriptions after the first year.

In August 2023, X commenced its monthly advert revenue payment scheme for verified content creators.

Musk also hinted at plans to charge users to gain access to the platform.

Meanwhile, Linda Yaccarino, chief executive officer (CEO) of X also said the company will be profitable by early 2024.