X (twitter) announced P2P payments
We are trying to understand who will use payments on X
X recently announced that they will be introducing peer-to-peer payments between their users. This move is in line with Elon Musk's vision of building an all-in-one app, with P2P payments being the first step.
However, it is unclear what problem they are trying to solve with this feature and it is unlikely to be widely adopted.
Products that are built solely around technology tend to be less successful. To develop a successful product, companies need to focus on customer pain points and use cases. In the case of X, it is difficult to see why users would want to use the platform for payments.
There are some potential use cases, such as payments between friends and family, paying for services like rent, cleaning, or haircuts, and payments for creators.
Out of these, payments for creators seem to be the most feasible option as X already has a paywall and subscription features. With P2P payments, they could introduce pay-per-view, tips, and donate functionality. However, this feature is more of a platform enhancement and X must focus on the creator community if they want to make this a successful product.
Unless X has plans to improve a particular vertical and focus on customer needs, it is not guaranteed that P2P payments will be widely adopted.
What do you think?