XPayments - Things we Learned about Twitter's Payment System

Ever since Elon musk has taken over the twitter, it has turned into the X - an everything app. It started becoming the go to news source. It has offered some of the monetization features like subscription and shared revenue option. Elon is not stopping at that he wants to make the platform single place for all things creator.

Recently Elon had a space with Cathy Wood. And they were talking about the ETF and other stuff. Meanwhile there was a mention of the XPayments. And brief mention of how the internal payment system would be working out on the twitter as the license gets approval.

Each month Xpayments account is updating the users on the license getting approved in each state of Twitter. There are some new updates with the xpayments that you should know.

Let's take a look at the Xpayments - internal payments system of the twitter.

Peer to Peer Payments on X

Twitter was known to offer some of the social media features. But the platform has grown far more than the social media. It has now offers the ads, videos and variety of other features which would be making the part of the platform. So the only thing missing for the creator was the payment sytem.

Elon being the guy from the payment system in the past. He knew there was the missing link. And so he applied for the licenses of the xpayments in each state. And this would be now going to turn up as a new p2p feature. There does not seem to be a crypto specific payment related news that was shared. Instead P2P on twitter is said to be like regular fiat payment as of now.

Check the reference here and here and here

Creator Monetization using Xpayments

Twitter has the creator monetization enabled. It does have some requirements to avoid the abuse. Like making sure to get the 500 followers and the impressions in 5M in last 90 days. So this way they are enforcing the rules of the monetization before the account can apply for the professional monetization. This feature surely would enable the xpayments.

This way the subscription payment and the payment wall based content can be unlocked. This also means the shared revenue would be transfered to the user banks through the xpayments like this. And the 3rd party like say stripe and others would not be used once X gets it's own payment system.

Check the reference here and here

What about crypto currencies support in XPayments?

Elon is fan of crypto currency. However he has to play by the rules of the SEC and other payment systems. And until the regulation kicks in there would be enough time for the same to be included into the xpayments. You can expect that to be included by the end of the 24 or the year 2025. It depends on how the regulation would be put forth on the crypto.

It's a good start for the Twitter to be a creator platform. It is web2, no doubt about that. But it is income source. As long as people make the money for their efforts on any platform, I am up for that. I am not going to be a hater of twitter to please any others. Creators has rights to put the lunch on their table whichever method works for them.

Check the reference here

XPayments is now coming to the reality. And in few more months there would be integration inside the twitter. It may start with limited nations first and then it would get rolled out all over the world based on the regulation and payment transfer guidelines.

Posted Using InLeo Alpha