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X CEO says payment functionality coming soon as platform moves closer to becoming the 'everything app'

source-logo  cryptoslate.com 18 June 2024 00:06, UTC

X CEO Linda Yaccarino said the social media platform — formerly known as Twitter — is on the verge of launching payment functionality for users as it continues on its path to becoming the “everything app.”

Speaking at the Cannes Lions International Festival of Creativity in France, Yaccarino emphasized the innovative strides the company has made under her leadership since Elon Musk acquired Twitter in 2022.

Yaccarino told The Female Quotient:

“We are actually redefining what users will come to rely on. The scope of our vision, and the pace of the innovation at the company, is like nothing I can describe.”

“Everything app”

The introduction of payment functionality is part of Musk’s vision for Twitter to become an “everything app,” encompassing services from banking to dating. The forthcoming financial ecosystem aims to integrate a variety of technical features, providing users with numerous new experiences.

The feature will initially focus on fiat currencies but is being developed with the potential to support crypto payments in the future. This aligns with Musk’s well-documented enthusiasm for Dogecoin, though there has been no official confirmation about its integration.

X has already made significant strides by securing three money transmitter licenses last July, laying the groundwork for its new payments system. Yaccarino highlighted that this development will provide users with a range of new experiences, transforming how they interact and transact on the platform.

She said:

“There’s so many new things to experience. Think about that: Once we launch payments — we’ll start in the US — the financial system that will emerge on that platform.”

Rapid innovation

Beyond payments, X is planning to introduce other functionalities, including video calling and job search features. These additions are part of a broader strategy to enhance the platform’s utility, making it a comprehensive destination for both personal and professional networking.

Yaccarino, who became CEO in 2023 following Musk’s acquisition of Twitter in 2022, emphasized the company’s rapid innovation and expanded technical capabilities. She said the changes made to the platform have exponentially increased the amount of information available to users.

Under her leadership, X has transitioned from a simple text-based platform to one that incorporates advanced features such as artificial intelligence, audio calls, and video streaming. The changes have improved the platform’s usage time and user engagement metrics in recent months, pointing to a positive growth trend.

Additionally, the return of major advertisers has been a crucial part of X’s recent success. Yaccarino noted that 90% of the top 100 advertisers have returned to the platform, a sign of growing confidence in its renewed direction.