X plans peer-to-peer payment, pays 80,000 content creators

(FILES) (COMBO) This file combination image of two pictures created on October 10, 2023, shows (L) SpaceX, Twitter and electric car maker Tesla CEO Elon Musk during his visit at the Vivatech technology startups and innovation fair in Paris on June 16, 2023, and (R) the new Twitter logo rebranded as X, pictured on a screen in Paris on July 24, 2023. – The social media site X, formerly known as Twitter, announced October 17, 2023 that it has begun charging new users in New Zealand and the Philippines to use basic features like posting messages. (Photo by ALAIN JOCARD / AFP) / NO USE AFTER OCTOBER 28, 2023 02:00:33 GMT

X is planning to roll out a peer-to-peer payment system on the platform this year as part of moves by the billionaire owner, Elon Musk, to turn it into an ‘everything’ app.

Unveiling its plans for 2024 via a blog post, X said the peer-to-peer payments to be launched later this year would unlock more user utility and new opportunities for commerce.

According to the firm, this would also showcase the power of the platform users living their “life in one place.”In the roadmap for the year, X also highlighted plans to deploy AI this year to enhance user experience on the platform.

“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, and more.

“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 through our partnership with Integral Ad Science,” the company shared.

On its achievements for 2023, the company said it was able to invest in creators, as it paid over 80,000 creators through its ads revenue sharing programme in less than a year.

The company added that it was also able to make advertising on X more relevant and impactful by bringing its organic and ads algorithms closer together while launching new products and content partnerships to help advertisers drive full-funnel outcomes. Through these changes, X, formerly Twitter, said it saw a 22 per cent increase in total ad engagements.