The CEO of X, Linda Yaccarino, has revealed plans for the social media platform to introduce payment functionality for users as it aims to transform into an “everything app.” This announcement was made at the Cannes Lions International Festival of Creativity in France, where Yaccarino emphasized the innovative strides the company has taken since it was acquired by Elon Musk in 2022.
Yaccarino highlighted the company’s vision to redefine user experiences and the pace of innovation at X under her leadership. The introduction of payment functionality is part of Musk’s vision for the platform to become a comprehensive destination for various services, from banking to dating.
The new financial ecosystem, set to initially focus on fiat currencies, is being developed to potentially support crypto payments in the future. X has already obtained three money transmitter licenses, indicating progress towards the launch of its payments system.
In addition to payments, X is also planning to introduce video calling and job search features to enhance the platform’s utility. These additions are part of a broader strategy to improve user experience and engagement on the platform.
Yaccarino highlighted the growth in usage time and user engagement metrics on X as a result of the platform’s transition to incorporate advanced features such as artificial intelligence, audio calls, and video streaming. The platform has also seen the return of major advertisers, with 90% of the top 100 advertisers coming back to advertise on X, indicating a positive growth trend for the company.
