Musk is committed to transforming X into a super app. Yesterday (9th), X announced in an article that it will launch a peer-to-peer payment service this year, but has not provided specific launch time, payment methods, and operational details, which raises doubts about whether it will support cryptocurrency.
(Prior Summary:
Financial Times: X (Twitter) will go bankrupt in 2024! Musk takes over and valuation evaporates by 71%, ad sponsors flee.)
(Background Supplement:
Musk: “I won’t spend a lot of time thinking about cryptocurrency,” announces X’s entry into the payment market in 2024.)
Since taking the helm of X, Elon Musk has been committed to upgrading X into a “super app” with multiple functions such as payment, live streaming, recruitment, and dating. Among them, Musk’s proactive actions in financial payment services are evident. According to the US multi-state licensing system website, X’s payment subsidiary, X Payments LLC, has obtained money transmission service licenses in 14 states to date, and is expected to expand to all 50 states in the middle of this year.
P2P peer-to-peer payment service announced for launch this year
Just yesterday (9th), X officially released its 2024 development roadmap, reiterating X’s aim to become a multifunctional application that encompasses various experiences, and announced the launch of P2P peer-to-peer payment service this year. The article stated:
However, the article did not provide specific details about the official launch time, payment methods, and operation of the payment service, including whether it will be targeted towards legal currency or cryptocurrency. However, considering Musk’s evident support for cryptocurrency, the system cannot rule out the possibility of supporting cryptocurrency payments (if regulated).
xAI improves “similar post viewing” feature
On the other hand, in the AI field that Musk is also dedicated to developing, his AI company xAI launched its first AI model, “Grok,” in early November last year, which is available to all X Premium+ subscribers in the United States. The article yesterday further mentioned that xAI will provide support to enhance X’s “similar post viewing” feature, thereby displaying more relevant and important content for users.
In addition, X also plans to enhance user and advertising experiences using AI. This includes improving search functionality, enhancing advertising effectiveness, and providing customers with deeper insights.
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