By Emmanuel Ogbodo
X (formerly known as Twitter) is reportedly on the verge of launching a payment feature that will allow users to conduct transactions directly on the platform. App researcher Nima Owji has disclosed significant progress in this development, which aligns with Elon Musk’s vision of transforming X into the “everything app.”
Owji’s findings indicate that X is integrating a “Payments” button into the navigation bar under the ‘Bookmarks’ tab. This new feature will include functionalities such as “transactions, balance, and transfer.” This move is part of Musk’s broader goal when he acquired the app: to enable global fund exchanges and potentially offer high-yield money market accounts.
The imminent release of this payment feature is further supported by X Payment, the platform’s payment subsidiary, which has already secured money transfer licenses in 33 U.S. states, indicating the feature will initially debut in these regions.
Elon Musk’s ambitions for X extend beyond just payments. In August 2023, the platform updated its guidelines to include biometric data, job, and education history to enhance security and suggest job opportunities, aiming to compete with LinkedIn. The updated privacy policy states that biometric information will be collected with user consent for safety and identification purposes.
Additionally, X has been authorized to operate as a crypto payment hub in the U.S. after acquiring a “Currency Transmitter” license. This license allows the platform to handle digital currencies, including storage, transfer, and exchange services for its users.
In a further move to enhance platform security, Musk announced plans to introduce a paywall for all users to combat bot activity. He elaborated on this during a live stream with Israel’s Prime Minister Benjamin Netanyahu, explaining that charging users would increase the cost for automated accounts, thus deterring bots. The new payment system could also help X explore alternative revenue streams amidst challenges in monetizing through advertising.
