CEO of X, Linda Yaccarino, announced that the social media platform, previously known as Twitter, is gearing up to introduce payment functionality for users as it progresses towards becoming the ultimate “everything app.” Yaccarino shared this news at the Cannes Lions International Festival of Creativity in France, where she highlighted the incredible strides made by the company under her leadership since Elon Musk acquired Twitter in 2022.
According to Yaccarino, X is redefining what users can expect from the platform, with a vision and pace of innovation that is unparalleled. The introduction of payment functionality aligns with Musk’s grand vision of transforming Twitter into an “everything app” that offers services ranging from banking to dating. This upcoming financial ecosystem will integrate a range of technical features, providing users with a diverse set of new experiences. While the initial focus will be on fiat currencies, there are plans to support crypto payments in the future, possibly including Musk’s favored Dogecoin, although no official confirmation has been made.
Last July, X secured three money transmitter licenses, laying the foundation for its forthcoming payments system. Yaccarino emphasized that this development will bring about a significant transformation in how users interact and transact on the platform, opening up a whole new financial system.
In addition to payments, X has other features in the pipeline, such as video calling and job search functionalities. These additions aim to enhance the platform’s utility and establish it as a comprehensive destination for personal and professional networking. Yaccarino, who took over as CEO in 2023 after Musk’s acquisition, highlighted the company’s rapid innovation and expanded technical capabilities. The platform has evolved from a simple text-based platform to one that incorporates advanced features like artificial intelligence, audio calls, and video streaming. This shift has resulted in increased usage time and user engagement, indicating a positive growth trend.
Another factor contributing to X’s recent success is the return of major advertisers. Yaccarino revealed that 90% of the top 100 advertisers have come back to the platform, reflecting growing confidence in its new direction. With the imminent introduction of payment functionality and the ongoing innovation, X is positioning itself as a dynamic and all-encompassing platform that caters to a wide range of user needs.