Since being held by Elon Musk, Twitter has started looking for ways to increase their revenue. However, now it seems that the CEO of SpaceX and Tesla.inc is starting to take steps to develop Twitter, which was originally a social network, into a payment platform to compete with Apple Pay and PayPal.
Twitter is developing its own payment platform
Back in November, Musk started to work out his detailed plans to get into the payment methods area, during his meeting with advertisers that took place in Twitter Spaces.
Elon Musk provides recommendations for users to make transactions and transfer money to other people who are users of the social network. However, in reality there has been no follow-up regarding the proposed payment method via Twitter because Elon Musk is still in the process of developing it.
Reporting from 9to5mac, GlobalXtreme summarizes that Twitter is currently in the process of applying for the necessary permits to become a payment platform in the United States. In a Financial Times report, Esther Crawford, Director of Product Management at Twitter, is working on the infrastructure to develop this new service.
Under the control of Elon Musk’s “cold hands”, Twitter wants him to form an “everything application” where the payment platform is the beginning of realizing this ambition. According to the news circulating, Twitter will also accept this type of transaction through crypto currency after the payment method with regular currency is successful.
In other words, the payment platform that Twitter is currently developing is expected to be able to compete with PayPal or Apple Pay which will allow users to transact not only in direct stores, but also transfer their money on a regular basis.
Maybe we need to refresh our memories back in 1999, Elon Musk took part in the founding of X.com which was one of the first online banks in the world. Together with Harris Fricker, Christopher Payne and Ed Ho in Palo Alto, California, X.com changed its name to PayPal, one of the giant online payment platforms we know today.
Technology will continue to grow, prepare yourself to develop even further!
Seeing the potential that Twitter has, Elon Musk instilled his ambition to want to develop this social networking platform with the ability to become a transaction and payment medium.