Elon Musk's X to launch peer-to-peer payments service and go big on AI in 2024

Company aims to “revolutionise 2024 with groundbreaking products and services"

In the past few months, X has paid over 80,000 creators through its ads revenue sharing programme. PA Wire

X, formerly known as Twitter, will make the platform more user-friendly by harnessing artificial intelligence, empowering users and advertisers, and launching a new peer-to-peer payments service in 2024, it said in a statement on Tuesday detailing its new year goals.

The company said it aims to “revolutionise 2024 with groundbreaking products and services that will reshape how we connect, communicate, and transact”.

Using AI, the San Francisco-headquartered microblogging website will boost search capabilities and improve ads to fuel a new level of customer understanding.

Its forthcoming peer-to-peer payments feature will offer "new opportunities for commerce", X said, without disclosing further details.

Its upcoming ‘see dissimilar posts’ enhancement will allow 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, X said.

To bolster its AI capabilities, X launched a new search assistant Grok last year. It benefits from real-time access to a powerful data source – the global public conversation on X.

In the past few months, X has also paid over 80,000 creators through its ads revenue sharing programme.

“We will continue to invest in creators and content partnerships that attract new users and fuel advertising … we will create more original content and bring in more talent with some of the most interesting and engaged people on X.”

On October 28, 2022, billionaire businessman Elon Musk completed his $44 billion acquisition of Twitter after tumultuous months of back and forth. A day before, he turned up at Twitter's headquarters with a kitchen sink to drive the point home.

On the same day, he fired former chief executive Parag Agrawal, chief financial officer Ned Segal and legal policy, trust and safety boss Vijaya Gadde.

In May last year, Mr Musk confirmed former NBCUniversal advertising head Linda Yaccarino as X's new chief executive.

Since Mr Musk’s dramatic acquisition, X has made efforts to make the platform an authentic source for information and keep it free from any biases and automated bots.

Last year, it doubled down on its Community Notes feature to improve the accuracy and balance of information users get. Currently, it has more than 320,000 contributors spanning 65 countries, and since December, Notes have been viewed over 50 million times daily on average.

Community Notes are intended to create a better-informed world by letting X users add context to potentially misleading posts. Contributors can leave notes on any post and if enough contributors from different points of view rate that note as helpful, the note will be publicly shown on a post.