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X Aims to Boost Bottom Line With Payments as Revenues Plunge
Social media site X, formerly Twitter, is reportedly preparing for a multiyear campaign to launch its payments business.
But when that happens, Bloomberg Businessweek reported Tuesday (June 18), the Elon Musk-owned social media app sees payments as a way to bolster its business via “increased participation and engagement” on its platform. According to those documents, X is planning a digital dashboard on its website and mobile app that will function as a hub for all payments activity, letting users send and receive money, store funds and see past transactions. As the Bloomberg report notes, even with the blessing of regulators, X still faces an uphill battle, needing to build services and convince consumers to switch from its competitors, including PayPal, a company Musk helped found.
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