"X" Users To Enjoy Peer-To-Peer Payments -Elon Musk

Elon Musk’s X, formerly known as Twitter, is set to introduce a new peer-to-peer payment system this year.

The tech mogul, who acquired the social media platform two years ago, envisions transforming it into an all-encompassing app, where users can seamlessly conduct various aspects of their lives in one place.

(FILES) SpaceX, Twitter and electric car maker Tesla CEO Elon Musk looks on as he speaks during his visit at the Vivatech technology startups and innovation fair at the Porte de Versailles exhibition center in Paris, on June 16, 2023. – Musk, the owner of social media platform X, formerly Twitter, said the site is considering suing the Anti-Defamation League (ADL) over accusations of anti-Semitism, which he blames for falling revenue. Musk late on September 4, 2023, accused the US-based Jewish organization of making unfounded complaints against him and X that have scared away advertisers. (Photo by Alain JOCARD / AFP)

In an official blog post, Elon Musk’s X stated that the introduction of peer-to-peer payments is scheduled for 2024, aiming to enhance user utility and create fresh opportunities for commerce. The move aligns with Musk’s broader vision of turning X into a versatile platform for users.

The company emphasized its commitment to deploy Artificial Intelligence (AI) in 2024, aiming to elevate the user experience on the platform. Musk’s X envisions leveraging AI for tasks ranging from enhancing search functionalities to refining advertisements and fostering a deeper understanding of customer behavior.

“We will increasingly power the X user and advertising experience through Artificial Intelligence — from enhancing search and improving ads to fueling a new level of customer understanding,” stated the company in its official statement.

As part of its achievements in 2023, Elon Musk’s X disclosed substantial investments in content creators, with 80,000 individuals being compensated through its ads revenue-sharing program within a year. The platform claimed to enhance the relevance and impact of advertising by bringing organic and ad algorithms closer together. This approach, coupled with the launch of new products and content partnerships, contributed to a notable 22% increase in total ad engagements.

Elon Musk’s X has been making waves globally, extending its ad revenue-sharing model to content creators beyond the United States. Notably, Nigerian content creators received payments from X, creating a buzz on social media.

The company’s foray into peer-to-peer payments and its commitment to AI advancements signal Elon Musk’s relentless pursuit of innovation and the evolution of his platforms beyond traditional boundaries. Keep an eye on X as it continues to redefine the digital landscape in 2024.