Twitter is working on introducing a payment system. According to Financial Timesthe social network has applied for regulatory licenses in the US to introduce peer-to-peer (P2P) transactions and payments on the platform.
Thus, Elon Musk is looking for new revenue to turn the business around, while dealing with a drop in ad revenue, following his $44 billion acquisition of the company in October. Last November, Musk commented on his implementation of this payment system through the platform and the possibility of offering other financial services such as debit cards and bank accounts.
The development of this new initiative is being carried out by Esther Crawford, director of product management at Twitter. In this way, she has begun to draw up the necessary architecture to facilitate payments on the platform with a small team.
financial technology services
In addition, the billionaire founder of Tesla also wants Twitter to offer financial technology services, such as transactions, savings accounts and debit cards. His idea that the platform is an “app for everything”. This would be a service that would offer social networking, payments, and e-commerce shopping.
On the other hand, Twitter was registered last November with the United States Treasury as payment processor. It has currently applied for some of the state licenses it would need for the launch, according to sources cited by the Financial Times. The rest of the licenses will be requested shortly. After this, the company will request regulatory authorizations to carry out international payment systemand not only in the United States.
This wouldn’t be Musk’s first foray into the financial world. He was also a founder of X.com, an online banking service that was later integrated with the giant PayPal.