Leading technology company X, which was acquired by Elon Musk over a year ago, has announced its plans to introduce peer-to-peer payments and AI-powered experiences. Musk has been outlining his vision for X’s transformation into an all-in-one app encompassing various features such as payments, creator tools, shopping, and more. The company has now revealed its roadmap for the upcoming year, highlighting the launch of peer-to-peer payments and AI-powered experiences as key initiatives.
Although Musk’s product launch timelines are not always precise, X has been actively seeking the necessary licenses for payment processing in recent months. By December, X had obtained licenses in twelve U.S. states, a number that has now increased to fourteen with the addition of Arkansas and Pennsylvania.
According to Musk’s vision, X users will be able to send money to others on the platform and transfer those funds to verified bank accounts. Musk has also expressed interest in offering high-yield money market accounts in the future to encourage users to keep more of their cash within the X platform.
In a recent blog post, X stated that it plans to launch peer-to-peer payments this year, aiming to unlock additional user utility and create new opportunities for commerce. This suggests a potential integration with other X products like creator revenue sharing and online shopping. The company has also committed to ongoing investment in creators, content partnerships, original content, full-funnel ads, and brand safety.
Brand safety has been a concern for X advertisers, as some have found their ads placed alongside toxic content or hate speech despite X’s efforts to prevent such occurrences. Musk’s blunt response to fleeing advertisers last November sparked criticism, leading X to shift its focus to small and medium-sized advertisers to fill the void. Nevertheless, the company is still aiming to attract advertisers, as seen in a recent post about its initiatives for vertical video ad brand safety.
X’s latest announcement also mentions the role of AI in the platform’s future. Following the launch of Musk’s ChatGPT competitor, the Grok chatbot, the company hints at using AI to enhance the user and advertising experiences. This could involve AI-powered ad tools, improving search functionality, and fueling a deeper understanding of customers.
Musk’s AI company, xAI, will power various consumer-facing features, including the recently introduced See Similar Posts feature and an upcoming See Dissimilar Posts feature. The latter aims to challenge users’ perspectives, although this promise could face challenges if X continues to suspend journalists from its platform.
Furthermore, X provided an update on its progress in the past year, boasting the launch of long-form video, audio and video calling capabilities, X Hiring (job search feature), expansion of Communities, Grok, and creator tools, among other developments. The company reported that users have collectively watched over 130 years’ worth of videos lasting 30 minutes or longer and engaged in average-length calls of 10 minutes. Additionally, more than 80,000 creators have received payouts through X’s revenue-sharing program in under a year.
Overall, X’s plans for the future showcase its ambition to become a comprehensive platform offering diverse features and experiences. With the introduction of peer-to-peer payments, AI-powered tools, and continued investment in creators and brand safety, X aims to strengthen its position in the market and attract both users and advertisers.
