This article reveals the potential launch of a payment system on Twitter （X）, detailing its features and the exclusion of cryptocurrencies from the platform.
Points
- Introduction of the “X Payments” feature on Twitter.
- Exclusion of cryptocurrencies from the payment system.
- Historical challenges of social media platforms integrating crypto.
- Musk’s efforts to transform Twitter into an “everything app.”
JUST IN: Allegedly About to Launch Payment System on Twitter （X）
According to swak_12, an X account known for leaking information from various applications, the “X Payments” feature, which will be the payment system in X, may be available soon.
Swak_12 supported this in his post with the image of the “Payments” section in the menu.
However, there is no word yet on when this feature will be available on X.
Despite Musk being a prominent supporter of cryptocurrencies, the latest information suggests that this system will not include cryptocurrencies. The company informed regulators in Maine this year that it had no plans to allow users to send and receive virtual currencies, Bloomberg reported.
Social media platforms have historically struggled to incorporate crypto: Facebook announced plans to launch the Diem stablecoin in 2019 but was shut down by regulators within a year of its pilot.
Musk took over the social media platform formerly known as Twitter in late 2022, as the company’s finances were deteriorating. Tesla’s founder has been exploring new ways to make money ever since, embarking on a challenge to make X the “everything app.”
*This is not investment advice.
解説
- Payment Integration: The introduction of the “X Payments” feature marks a significant development in Twitter’s functionality, aiming to enhance user experience with seamless payment options.
- Exclusion of Cryptocurrencies: Despite Musk’s crypto-friendly stance, the exclusion of virtual currencies from X Payments highlights regulatory challenges and strategic decisions to avoid potential legal hurdles.
- Historical Context: Previous attempts by social media platforms to integrate crypto, like Facebook’s Diem, faced regulatory pushback, suggesting cautious approaches in current implementations.
- Future Prospects: Musk’s vision for X as an “everything app” indicates ongoing efforts to diversify revenue streams and integrate various services, potentially revisiting crypto integration as regulatory landscapes evolve.