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- 1 Platform X, formerly known as Twitter is on the way to introducing a peer-to-peer payments system this year.
- 2 X is preparing to emerge as an all-in-one app, allowing users to handle a wide range of functions including posts and finances.
Technology is continuously evolving so why not X? To remain a strong player in the market and offer tough rivalry to Venmo or PayPal, Elon Musk’s X is rolling out peer-to-peer payment facilities in 2024. The purpose is to serve as an “everything app”.
A Platform to Revolutionize 2024
On Tuesday, a blog post by X Business captivated readers’ attention. The post was related to the transformation of the X platform this year.
“2023 was foundational for X, and 2024 will be transformational”, mentioned X Business in the post.
The team is all prepared to increase the power of X users and advertising experience using Artificial Intelligence. The plan is to launch peer-to-peer payments to unlock the usage and new opportunities for commerce.
A post by Elon Musk, on X in July hinted about the plan. The CEO of SpaceX and Tesla revealed that the company is planning to add potential to conduct and manage the financial world along with improving commercial communications.
As a successive step, the platform introduced features in partnership with a social trading company, eToro, that offer individuals crypto, stocks, and related services. X is continuously working with creators and partners to achieve the plan as soon as possible as well as to strengthen the platform’s advertisement this year.
However, there is no announcement regarding the launch date and complete working of the payment system for the users.
What’s Inside?
X is not just another app, it’s all set to become the everything app. In the year 2023, X achieved many milestones and emerged as the Video-first platform along with making significant advancements to enhance user experience.
In addition, investment in creators, introducing the world to Grok, a new AI researching tool, and advancement in existing products, just boomed the value of X.
The year 2024 came up with new challenges and advancements for X. To remain a top platform, X planned to meet a few of the goals. Increasing the power of X, boosting the advertising experience, launching peer-to-peer payments, and strengthening full-funnel ads are major milestones.
According to the Nationwide Multistate Licensing System Website, X has achieved a license for money transmission for 14 states so far.
Currently, X has around 320K contributors from 65 nations and over 10 million daily users. The expansion of the pilot of communities in English-language nations and Japan attracted many users. Individuals are spending approximately 300 million minutes on communities per day with over 650K posts on a daily basis.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
