Following Elon Musk's $47bn takeover of Twitter, the new Chief Twit has been saying the company needs to find ways to balance the books. It doesn't help that Musk's own controversial remarks led to advertisers running a mile, costing the company hundreds of millions of dollars. Even so, Musk has been clear Twitter needs to become – at least partially – a paid platform.
And those plans to monetize the micro-blogging site are now moving into full swing. In fact, it seems Musk and Twitter want to go one further and become a true payment platform.
Monetization has so far involved charging users $8 per month for a verified checkmark. However, Musk has plans to make Twitter a more universal app and break free from the shackles of being just a micro-blogging platform.
One of those plans is to become a payment platform similar to PayPal and Apple Pay. Musk has history in this sector. He co-founded the financial services firm X.com in 1999 and then helped PayPal become the number one digital payment platform following a merger with X.com.
The Financial Times reports that Twitter is applying for the necessary licenses to operate as a payment platform in the United States.
Musk has previously spoken about turning Twitter into an “everything app,” a true social media platform. He envisions the platform being an ecommerce service and payment platform. If the company is applying for a license, it will need to pass regulatory tests before being approved.
Sources claim the service will support fiat currencies and mainstream payment methods at first, before expanding to cryptocurrencies later.
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