X is reportedly gearing up for a multiyear campaign to launch its payments business. According to Bloomberg Businessweek, the Elon Musk-owned social media app aims to enhance its platform through "increased participation and engagement" once this initiative rolls out.
This information comes from extensive documents submitted by X to regulators, obtained by Bloomberg through public records requests. These documents reveal that X is planning to introduce a digital dashboard on its website and mobile app. This hub will facilitate all payment activities, allowing users to send and receive money, store funds, and review past transactions.
The company intends to charge small fees for certain transactions, as stated in a business plan submitted to Massachusetts regulators last August. However, X emphasized that it does not plan to charge fees for all services, with the primary goal being to boost participation and engagement on the platform.
PYMNTS has reached out to X for comments but has yet to receive a response.
Besides outlining X’s payment strategy, the documents also highlight the company’s challenges since Musk’s acquisition in 2022. They reveal that X, formerly known as Twitter, generated $1.48 billion in revenue during the first half of last year, marking a nearly 40% decline from the same period in 2022, before Musk’s $44 billion purchase. The company also reported a loss of $456 million in the first quarter of 2023.
“If it involves money, it’ll be on our platform,” he said. “Money or securities or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account.”
Source: X Aims to Boost Bottom Line With Payments as Revenues Plunge
This information comes from extensive documents submitted by X to regulators, obtained by Bloomberg through public records requests. These documents reveal that X is planning to introduce a digital dashboard on its website and mobile app. This hub will facilitate all payment activities, allowing users to send and receive money, store funds, and review past transactions.
The company intends to charge small fees for certain transactions, as stated in a business plan submitted to Massachusetts regulators last August. However, X emphasized that it does not plan to charge fees for all services, with the primary goal being to boost participation and engagement on the platform.
PYMNTS has reached out to X for comments but has yet to receive a response.
Besides outlining X’s payment strategy, the documents also highlight the company’s challenges since Musk’s acquisition in 2022. They reveal that X, formerly known as Twitter, generated $1.48 billion in revenue during the first half of last year, marking a nearly 40% decline from the same period in 2022, before Musk’s $44 billion purchase. The company also reported a loss of $456 million in the first quarter of 2023.
“If it involves money, it’ll be on our platform,” he said. “Money or securities or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account.”
Source: X Aims to Boost Bottom Line With Payments as Revenues Plunge
