It appears X is serious about its in-app payment system. App researcher Nima Owji noticed that the “X Payments” button could be embedded in the navigation bar of X. It will have transactions, balances, and transfers. With this kind of integration, the company is working to meet its target set for mid-2024.
After Elon Musk acquired X in 2022, he wanted to make the app something like an “everything app.” WeChat-inspired, Musk envisions an X where people store money, send payments, and have access to high-yield accounts. WeChat made it through to the top in China, from just a simple messenger, it enlarged into an all-use platform, hence providing a model for X.
It may also help X solve its monetization problem. The business has been suffering from a decline in advertising revenue recently. Therefore, implementing a feature for payments would give them another source of revenue and probably would help the overall situation.
The doubt remains about how the system will be available. It is not mentioned whether the payment service will be open for all users or an exclusive right of Premium subscribers. No confirmation has been given as to whether this feature will be available in other regions or not.
An X payment system development is one gigantic step toward the realization of Musk’s dream. Whether it would turn into a WeChat success story or meet new challenges altogether, only time could determine. For now, the focus would be on the impact this new feature has on the X platform and, more importantly, on the financial performance.
