Under the leadership of Elon Musk, Twitter was lauched to find new sources of income in order to increase its income. One way being explored is to turn it into something like PayPal.
Musk is said to be interested in turning Twitter into a payment platform to compete with Apple Pay and PayPal, we were quoted as saying from 9to5Mac, Wednesday (1/2/2023).
This plan has been around since November 2022, where Musk revealed his plans to enter the business, which he revealed in a meeting with Twitter advertisers in Twitter Spaces.
At that time Musk imagined that Twitter users would be able to send money to other Twitter users, similar to what PayPal offers. Unfortunately, since then, there has been no further information regarding Musk's plans.
But recently, according to a report by the Financial Times, Twitter is said to have started processing licensing to become a payment platform in the United States. Then Esther Crawford, Twitter's Director of Product Management, said that he had started working on the infrastructure for the service.
Musk is also said to want to turn Twitter into an all-in-one application, including offering fintech services such as peer to peer transactions, savings accounts, and debit cards.
Actually, Musk is also not new to this field, because in 1999 he co-founded X.com, one of the first online banks which later became part of PayPal.
The currency Twitter supports for this payment platform still appears to be the 'conventional' currency. However, in the future, it is not impossible that Twitter will also support cryptocurrency.