X (Twitter) could launch its payment feature to allow users carry out transactions

X (formerly Twitter) might be at the cusp of launching its payment system as reports suggest the company is making rapid progress on the feature. This was revealed by app researcher, Nima Owji in what he described as his recent finding. The payment feature, when eventually launched, would bring X closer to becoming the ‘everything app’ as touted by Elon Musk.

According to Nima Owji who made the discovery recently, X, formerly Twitter, is working on adding the “Payments” button to the navigation bar which can be found under the ‘Bookmarks’ tab.  The researcher said that he found references for new payment features, such as “transactions, balance, and transfer.”

When Elon Musk acquired the social networking app, one of his plans was to make it a payment platform where users across the world could exchange funds. Thus, he is looking to develop X into a platform where users could store money in their accounts, send payments to other users, and potentially access high-yield money market accounts.

This latest finding means the payment feature could be coming anytime soon, rather than later. The social networking platform’s payment subsidiary, X Payment has obtained money transfer licenses in 33 states of the US where the feature is expected to be launched first.

Positioning X to become the Anything app

Elon Musk has held steady to his plan to make X the largest mega app in the world where users can do anything and carry out any activity. In August 2023, the social media platform revised its guidelines to include biometric information and the users’ job and education history. Although it did not state the exact details it considers to be biometric, one can imagine that it will collect data from faces, eyes, and fingerprints. Its privacy policy page states that based on user consent, the platform may collect and use biometric information for safety, security, and identification purposes.

While the new biometric requirement is for identification, the platform says it will leverage the job and education history data from users to suggest jobs that said users qualify for, making it a direct competition for platforms like LinkedIn.

“We may collect and use your personal information (such as your employment history, educational history, employment preferences, skills and abilities, job search activity and engagement, and so on) to recommend potential jobs for you,” the site said.

It is worth noting that the page cited the above personal details as a prerequisite for accessing many of its products and services.

Later the same month, the platform obtained the much-needed approval to operate as a crypto payment hub in the US.

The “Currency Transmitter” license that it received includes different cryptocurrency-related service providers, such as crypto exchanges, wallets, and payment processors. Specifically, this license will enable the platform to store, transfer, and exchange digital currencies on behalf of its millions of users.

Similarly, Elon Musk announced that the platform is considering implementing a paywall for all users. During a live stream alongside Israel’s Prime Minister Benjamin Netanyahu, Musk explained that this move is primarily aimed at countering the widespread use of bots on the platform.

He believes that by introducing a payment system and giving priority to premium users’ posts, the platform can reduce the influence of these automated accounts.

See also: Elon Musk plans to make everyone pay to use X (Twitter)

Musk further elaborated on the rationale behind this decision, noting that “because a bot costs a fraction of a penny, call it a tenth of a penny, but even if it has to pay a few dollars or something, some minor amount, the effective cost of bots is very high,” he said.

Payment is at the very heart of transactions. By finally activating this feature, the platform might be positioning itself to control the various aspects involved in making it truly an anything app. It has also been claimed that with X facing challenges in monetizing through advertising, the payment service is the company’s attempt at an alternative source of revenue.

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