back to article X's 2024 plans include peer-to-peer payments in app push

Peer-to-peer payments, AI integration, additional exposure to stuff you hate, and more: That's what's apparently coming to the site formerly known as Twitter in 2024. According to Elon Musk's personal social media site, "2023 was foundational for X, and 2024 will be transformational." As part of its transformational year, X …

  1. Anonymous Coward
    Anonymous Coward

    I don't know what "full-funnel ads" are, but I imagine a goose on its way to foie gras.

    1. Jamie Jones Silver badge

      I'd never heard of that either, but Amazon has a description:

      From: https://advertising.amazon.com/en-gb/blog/what-is-full-funnel-marketing:

      "Full-funnel marketing encompasses all levels of the funnel. When we say “funnel”, we’re referring to the marketing funnel, which outlines the most straightforward journey a customer might take in the path to purchase. Full-funnel marketing starts at the top of the funnel and continues to consider the needs of customers throughout all its levels."

      Does that help you? No? Me neither!

      1. doublelayer Silver badge

        My best guess is that you try to identify customers who don't know about the product, then some who do know but aren't convinced, then those who like it but need to be pushed to buy, then those who already bought who need to be encouraged to buy more of it (even if it's something you buy every decade or two). You write four different ads for the types of customer, then spam them out at random because the targeting system has no good way of determining which of them any given user might be. Eventually, somebody tries to save some money by not bothering to write four ads and spamming the one version out to everyone, and we have the internet ads we know and block today.

    2. Paul 87

      It means that the adverts support all levels of the marketing funnel from the broad "raise awareness" starting point, through interest, desire, action, loyalty and finally advocacy.

      The idea being that a fully integrated advertising platform would let you get a message out to millions, identify the hundreds of thousands who show an interest, identify the tens of thousands who have a desire, track them to your store to find the thousands who make an action to purchase, track the hundreds who are loyal to the brand, and finally identify the tens of people who are advocating for your product or brand.

      1. Doctor Syntax Silver badge

        The idea being that a fully integrated advertising platform would let you etc but under no circumstances would it let you identify those potential customers who are so fed up with advertis that they'll actively avoid any product which has its ads shoved in their face because that would ruin our business of selling adverts to advertisers

    3. Anonymous Coward
      Anonymous Coward

      In the case of Twitter/X it's like the throat of a black hole.

    4. darklord

      I smell bull$hit bingo

      Marketeers inventing concepts an buzz words to convince the world they're useful.

  2. elsergiovolador Silver badge

    Russia

    Is this Элон's swift (wink) answer to Putin problems?

    Terrorists and Nazis from Russia will certainly love the access to such procurement platform.

    Oh they'll be able to pay politicians directly as well?

    1. gandalfcn Silver badge

      Re: Russia

      I see Pedo Leon's paid fanbois are downvoting realty. Just like their Fascist, speech censoring boss. The USA is doomed.

      1. Excused Boots Bronze badge

        Re: Russia

        Actually I don't believe the fanbois are even paid to do it - which is sort of worse really.

  3. Rikki Tikki Bronze badge

    When I make payments to anyone (businesses or individuals), I use organisations that I trust. X is not one of them. I would even question whether it is legal for X to provide a payment service in Australia without an Australian Financial Services licence.

    1. Sorry that handle is already taken. Silver badge

      On form I don't think that'll stop Musk from trying

      1. Doctor Syntax Silver badge

        And his version of "try" will be "go ahead regardless".

    2. aerogems Silver badge

      And this is why you have a Regulatory Affairs department at a company that operates internationally. To tell you that shit like this is going to result in legal headaches in regions X, Y, and Z.

      1. Groo The Wanderer Silver badge

        Historically, that hasn't stopped Musk from bleating on about nonsense like "free speech" when faced with legal repercussions for the decisions and actions he takes on behalf of the businesses he is involved in.

        On a vaguely related note, this morning I learned that Tesla has a huge manufacturing plant in China. "Mr. Free Speech America" sold out to CHINA.

    3. MachDiamond Silver badge

      "I would even question whether it is legal for X to provide a payment service in Australia without an Australian Financial Services licence."

      Many/most countries have banking laws that would cover P2P money transfers. Since they'll all be different with nuances to each, it will require a department full of qualified and experienced staff much like all of the content compliance staff that Elon axed only the fines for getting things wrong will be much higher.

      Some of the people that worked with Elon early on when he wanted to do pretty much the same thing were concerned about his complete lack of knowledge about the banking industry in general and banking law in particular. I don't see an indication that he's gained the sort of knowledge he'd need to stay clear of prison in numerous countries.

      1. aerogems Silver badge

        "I don't see an indication that he's gained the sort of knowledge he'd need to stay clear of prison in numerous countries."

        And this is a problem... how?

        Jesting aside, not sure he'd necessarily go to jail, but having another government agency in a different part of the world putting on the elbow length exam gloves as part of a very invasive thorough body cavity search investigation of Xitter's operations is a very distinct possibility. If he thinks he's in the shit now with the SEC and NLRB in the US, he likely hasn't seen anything yet.

        1. MachDiamond Silver badge

          "Jesting aside, not sure he'd necessarily go to jail, but having another government agency in a different part of the world putting on the elbow length exam gloves as part of a very invasive thorough body cavity search investigation of Xitter's operations is a very distinct possibility. If he thinks he's in the shit now with the SEC and NLRB in the US, he likely hasn't seen anything yet."

          X is a privately held company with Elon at the helm. He's much more exposed than with his part-time job at Tesla since that's a publicly traded company with more executives/directors.

      2. hittitezombie

        Insert poop emoji

        It's ok, there's a way to automate that.

  4. Kevin McMurtrie Silver badge

    Musky Mouse

    I'll use X to buy myself a Tesla Bot to keep me company during my trip to Mars. I hope the ride to the launchpad is smooth going on the Hyperloop subway.

  5. aerogems Silver badge
    Mushroom

    Hahahahahaha.... no!

    Put quite simply, fuck anything that looks like a bank, acts like a bank, but isn't regulated like a bank. Not to mention after his display at Xitter, there's no way I'd trust Xitler anywhere near my money. Chunks of it would probably get siphoned away to pay off the Saudi's so Xitler doesn't end up on the business end of a bone saw.

    1. Michael Wojcik Silver badge

      Re: Hahahahahaha.... no!

      Dang, that pair of downvoting Musk fans are busy today.

      1. aerogems Silver badge

        Re: Hahahahahaha.... no!

        Probably the same sorry individual who just has two accounts. Probably scamming Xitler to boot by having multiple accounts that they use to try to disrupt any negative stories about him.

  6. Jamie Jones Silver badge
    Facepalm

    Trust them with your money?

    When 90% of the adverts are scams, that hardly inspires confidence.

    And is it just me, or did the PR release sound like a clueless manager providing us with loads of bollocks-bingo points?

    1. MachDiamond Silver badge

      Re: Trust them with your money?

      "When 90% of the adverts are scams, that hardly inspires confidence."

      Most of the ads that get shoved down my throat on YouTube are scams too. This just tells me the ad rates are so low that it's attractive to the scammers that don't want to spend too much money pushing something that is nothing more than land fill with energy wasted to create it.

      1. Jamie Jones Silver badge

        Re: Trust them with your money?

        Yeah, the same sort of ads as the ones on youtube. Seems the ASA are asleep at the wheel.

        From: https://www.asa.org.uk/news/how-we-regulate-online-ads.html

        "Online advertising in the UK is diverse, but whether its paid ads on platforms and the internet, claims on company websites and social media channels or influencer ads, we are the UK’s one-stop shop for regulating online ads."

        1. Doctor Syntax Silver badge

          Re: Trust them with your money?

          You need to remember who pays for ASA. It's the advertising industry.

          1. Jamie Jones Silver badge
            Facepalm

            Re: Trust them with your money?

            Ahhh, I didn't know that!

            All of a sudden, things are a lot clearer!

  7. Anonymous Coward
    Anonymous Coward

    Insert Elon Musk snark ..

    Getting tedious ..

    1. Anonymous Coward
      Anonymous Coward

      Re: Getting tedious ..

      Maybe try and think of something relevant to say?

      Or fuck off somewhere else.....

      1. Anonymous Coward
        Anonymous Coward

        Re: Getting tedious ..

        > Maybe try and think of something relevant to say? Or fuck off somewhere else.....

        Or else maybe elREG should tag such stories Elon Musk FAP ..

        1. Jedit Silver badge
          Devil

          "elREG should tag such stories Elon Musk FAP"

          Elon Musk Fascism And Paedophilia? Seems a bit extreme.

          1. aerogems Silver badge

            Re: "elREG should tag such stories Elon Musk FAP"

            Seems a bit redundant.

            1. Jedit Silver badge

              "Seems a bit redundant"

              Well, it is a story involving Twitter oversight teams.

          2. Autonomous Comrade

            Re: "elREG should tag such stories Elon Musk FAP"

            Remember... say "pedo guy" and it's all legal :D

      2. Anonymous Coward
        Anonymous Coward

        Re: Getting tedious ..

        Don't send him elsewhere - who else would there be to downvote every post that doesn't pay homage to his Muskiness the Dope.

        1. Anonymous Coward
          Anonymous Coward

          Re: Getting tedious ..

          > Don't send him elsewhere - who else would there be to downvote every post that doesn't pay homage to his Muskiness the Dope.

          Some people are desperately afraid of an uncontrolled Xitter, coming the Nov US Presidential election ;)

          1. Anonymous Coward
            Anonymous Coward

            Re: Getting tedious ..

            Only those who worry about the crazy MAGA idiots who believe any bollocks they read.

            No-one is more scared of the truth then the right wing establishment. They like the poorly educated gullible right wing voters. They ironically laugh at the demographic that votes for them, as they are the ones most adversely affected by their policies.. MAGA turkeys for Christmas!

            1. Anonymous Coward
              Anonymous Coward

              Re: For the downvoter

              Here's a way you can show your support: https://collecttrumpcards.com/

              1. Anonymous Coward
                Anonymous Coward

                Re: For the downvoter

                Scary.. Is that for real?

    2. Michael Wojcik Silver badge

      Re: Insert Elon Musk snark ..

      Getting tedious ..

      He certainly is. Thank goodness for the snark.

  8. DS999 Silver badge
    Mushroom

    I have been eagerly awaiting this

    Because it has had epic flop written all over it from day one, and Musk's tantrums trying to blame the left, mainstream media, short sellers, wokeness, Biden, or whatever for that epic failure when he is forced to concede that's what it is will be hilarious!

    1. aerogems Silver badge
      Trollface

      Re: I have been eagerly awaiting this

      You clearly have not been paying attention. Narcissistic crybaby snowflakes like Xitler always manage to find someone or something else to blame. Like, he wasn't shitfaced on drugs and/or alcohol when he was an hour late and slurring his words to the point of being literally incomprehensible at a SpaceX all-hands meeting, he was just really tired... from all the drugs keeping him awake days on end.

  9. StrangerHereMyself Silver badge

    All or nothing

    Musk transforming Twitter into an "Everything App" seems to me like an all-or-nothing attempt. If he fails, Twitter (or X) goes bankrupt and he'll lose the entire $45 billion he spent on it.

    I'm starting to believe this guy is becoming more and more of a liability for the U.S., especially since I read he's using LSD, XTC and Ketamine in addition to cannabis and cocaine. He's becoming more erratic every year and his purchase of Twitter is just one example. Tesla's Full Self Driving is another.

    1. Arthur the cat Silver badge

      Re: All or nothing

      he's using LSD, XTC and Ketamine in addition to cannabis and cocaine

      Hunter S Thompson: "I hate to advocate drugs, alcohol, violence, or insanity to anyone, but they've always worked for me."

      Elon Musk: "Hold my beer."

      1. StrangerHereMyself Silver badge

        Re: All or nothing

        Up to a point I agree with him. He's already one of the richest men in the world and has fathered a dozen children from who knows how many women (and maybe more). But at some point the man with the hammer will come and put him down.

  10. Howard Sway Silver badge
    Gimp

    He wanted X to become a hub for users' "entire financial world"

    Sign me up! If there's one function I've always thought was missing from my banking app, it's got to be a never ending feed of racism, conspiracy theories and inane celebrity brain farts!

    1. anonymous boring coward Silver badge

      Re: He wanted X to become a hub for users' "entire financial world"

      "If there's one function I've always thought was missing from my banking app,..."

      Yes, and having a bank backing it. Who'd want that?

  11. imanidiot Silver badge

    But why?

    Why would Musk be under the impression people even WANT an "everything app"? Why would anyone even begin to think "X" (still waiting for the lawsuits to start over the overly generic name) could be this "everything" app? Why would anyone trust "X" for payment processing? What USP would X offer over all the other P2P payment apps? Does Musk have even an inkling of a hint of an idea of just how much crap he's shoveling over his head going into banking?

    His idea for X as an "everything" app failed and exploded in his face when he was at Paypal (that survived his attempts at implementing his idiocy and didn't get big until well after they kicked him out). Paypal became big despite Musk, not because of him. And it made him rich simply from having been an early investor and getting more shares as a golden parachute on his way out.

    1. fxkeh

      Re: But why?

      Everything apps are quite successful in other parts of the world (In Asia Grab and Wechat are ubiquitous in their respective markets, and Line is trying the same thing) - and I've long thought Whatsapp would have undergone the same journey from chat to everything app if Facebook hadn't bought and smothered it in it's cradle to stop it competing with it's core product (which remains focused on making money through harvesting your data instead).

      But "X" as an everything app does seems a fail from the get-go - there just isn't enough of a widespread user base who use and trust the app to support it, and the user count doesn't appear to be going in the right direction either.

      1. Kristian Walsh Silver badge

        Re: But why?

        There’s one fundamental difference that makes Twitter a bad candidate for this. All the “everything apps” you cited started as Instant Messenger systems, and in an IM app, you choose the accounts you see, and they tend to be heavily weighted toward people you have a real-world relationship with: friends, family, co-workers, team members, customers, suppliers, whatever.

        Twitter/X, by contrast, has much more of a “random strangers” model for communications: even if you ignore the shit-cannon that is “For You”, most people’s Twitter roll contains people that they have no other interactions with except that they follow them on Twitter.

        That lack of real-life contact puts Twitter on a far lower level of trust than an IM app. Even if I still maintained an account there, I wouldn’t have any need to send money to anyone I interacted with on Twitter - either I know the person already and can do it via a more secure channel, or they’re person I’d have no reason to ever give money to.

        One use-case does come to mind, though, especially in a year evenly divisible by four: political donations. Luckily, Elon Errolovich has completely eradicated all bots and automated accounts, so it should now be perfectly fine to allow, say, the Trump campaign to collect campaign finance via X, safe in the knowledge that the money can only be small amounts given by individual donors, rather than the kind of very large donations from rich backers that would otherwise attract (entirely warranted) scrutiny...

      2. imanidiot Silver badge

        Re: But why?

        Cultural differences alone make it VERY hard to compare the markets Grab and WeChat operate in to the market X would have to establish itself in. As mentioned by the other commenter, X is also in a very different position in trying to position itself as an everything app to begin with. I've also seen plenty of things about those platforms that seem to indicate that they mostly became "everything" apps simply because all the alternatives were worse and they solved existing problems in a way the CCCP allowed (because it gave them oversight, insight and control). X on the other hand would have to become an everything app by... solving what problem exactly? There's a lot of choice in P2P payment apps and most of them are... fine. Not ideal, could be better, but X would have to provide significantly better service, terms or ease of use to supplant them.

        1. fxkeh

          Re: But why?

          You're not wrong about market differences, but I just want to point out that Grab isn't a Chinese app (and I doubt even available in mainland China) so the CCCP has no hand in it's success.

    2. This post has been deleted by its author

    3. Doctor Syntax Silver badge

      Re: But why?

      Why would Musk be under the impression people even WANT an "everything app"?

      Wrong question. The right question is "Who would want an everything app?" and the answer is "Elon Musk".

    4. MachDiamond Silver badge

      Re: But why?

      "His idea for X as an "everything" app failed and exploded in his face when he was at Paypal "

      Technically, he got bought out by Cofinity and demanded the CEO chair there which he was removed from as soon as he left the US on a flight to Oz for a honeymoon (first wife, I think). Cofinity developed a service they called "Paypal" and Elon was gone before the company rebranded to "Paypal" although he still had a large amount of stock and made out when PP sold to eBay. What is known as Paypal doesn't have much to do with Elon. He couldn't code, knew nothing about banking and just pissed everybody off in the office so they sacked him as soon as his back was turned.

  12. trevorde Silver badge

    P2P payments are going to be epic!

    ... for scammers!

  13. s. pam Silver badge
    Headmaster

    What's this "X"???

    Is that ectasy or extra-toppings or extra-cash sir wants?

  14. Anonymous Coward
    Anonymous Coward

    Yeah right

    Of course, when it all goes tits up, you know whose fault it will be.

    Not the great Elmo, that’s for sure!

  15. Bebu Silver badge
    Windows

    About right...

    "2023 was foundational for X, and 2024 will be transformational."

    He excavated to the foundations of Twitter in 2023 and 2024 should see Twitter completely razed to X in the transformation formerly known as demolition.

    One has to wonder if he intends to half inch the payments platform software that I believe India intends to donate to developing nations? Par for the course.

    The pong of a money laundering is already wafting from X's direction.

  16. hittitezombie

    The Space Karen is the last person I would trust with a £1 coin.

  17. anonymous boring coward Silver badge

    Someone implement an alternative and get rid of that sh*t.

    "X" = "ex" = previous/obsolete.

  18. anonymous boring coward Silver badge

    So is it meant like a one-stop solution for scammers?

  19. Doctor Syntax Silver badge

    "has anyone thought about how much it'll cost to run all that new stuff?"

    No problem. Just buy it in. That doesn't cost anything unless you actually pay.

  20. arctic_haze

    Finance is based on trust

    Would you like a company which does not even pay the rent for its HQ to take care of your finances?

    1. MachDiamond Silver badge

      Re: Finance is based on trust

      "Would you like a company which does not even pay the rent for its HQ to take care of your finances?"

      I thought the best story was that the King (royal family holdings) is one of X's landlords for a property where they have an office. Modern times are different from a couple of hundred years ago so Elon isn't likely to be beheaded (not in England, anyway), but you don't do yourself any favors by dissing the King.

  21. Michael Wojcik Silver badge

    The best kind of user

    increasingly power the X user

    I believe it. I suspect many ex-users are feeling empowered by no longer wasting time on Twitter.

    (And, really, people who are still on the damned thing are now watching half-hour videos there? I think we have a new entrant in the competition for Saddest Corner of the Human Experience.)

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