Launching payments made 2023 priority for Elon Musk’s X

Elon Musk sat down.
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X – the social media platform formerly known as Twitter – has doubled down on its plans to integrate peer-to-peer payments as one of its 2024 objectives.

The platform revealed a number of goals for the new year in a blog post this week, with the launch of a P2P payments offering the second objective on the list.

“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,” the blog post read.

The objectives form part of Elon Musk’s vision to transform Twitter, which the tech tycoon rebranded as X after acquiring the platform in October 2022, having secured buyout terms in April of that year.

Integrating payments features has repeatedly been cited as one of Musk’s own personal objectives for twitter, which the South Africa-born businessman – widely known for his Tesla electric car manufacturer and SpaceX space travel programme – wants to redevelop into an ‘everything app’.

Musk’s ambitions for X to incorporate payments features are somewhat unsurprising given his background. He played a key role in the creation of PayPal when his financial services site merged with software firm Confinity in 2000.

As well as payments, X has also placed a heavy emphasis on greater use of AI technology. In July last year, X Corp Chief Executive, Lina Yaccarino, stated that the platform would leverage technology from Musk’s xAI company.

In this week’s blog, X continued: “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.”