Twitter Moves Ahead With Major Plans To Transform Itself Into A Payment Platform
Elon Musk has been on the lookout for ways through which he can
transform the Twitter app into a profitable organization, ever since he
took charge in October of 2022.
But it so happens that not a lot
of things have gone according to plan. Last year, we saw the business
mogul in a dire state to make something or the other work.
The
microblogging firm has been in shatters with advertising at a halt,
greatly affecting the company’s overall revenue. He even tried launching
the verified ticks for $8 each month but even that failed to pull
through. Now, it appears the company is headed in a whole new direction
altogether.
Think along the lines of transforming into a payment
platform that competes with archrivals like PayPal, Apple Pay, and even
Venmo.
Meanwhile, a recently published report by The Financial Times
says the app has even started to apply for the likes of regulatory
licenses to really move ahead with its payment platform plans in the US.
Similarly, speculations have gone on to mention how the new
infrastructure in this regard is also getting developed by Esther
Crawford who is the company’s head of product management.
This
particular development is definitely one part of Musk’s idea to
transform Twitter into an app that does everything. Remember, in the
likes of November, the leading tech giant driven by Musk revealed the
idea of turning Twitter into a place to shop for products. Similarly,
users would be allowed to transfer funds to others on the platform and
even withdraw money to other verified bank accounts.
On
the other hand, Elon Musk was also seen pitching a deck to potential
investors about how Twitter was on the lookout for the company to
acquire payments worth a staggering $1.3 billion by the year 2028. So as
you can see, the ambitions were plenty.
As per the license
applications, the company says it plans on moving ahead with more
regulatory checks and would also be seen applying for the likes of state
licenses. Moreover, as per individuals familiar with the report, the
new idea of turning Twitter into a payment platform means it would be
working with the usual payment methods and any currencies in store.
But there are also news reports confirming how keen the app is in adopting the likes of crypto in the near future.
