Twitter has begun applying for regulatory licenses to enter into the US payments business. The Financial Times reported that Elon Musk’s social media platform is designing the software to eventually introduce payments throughout the platform.
Since Musk’s $44 billion acquisition of the company, the incorporation of new revenue streams has been a primary part of the discourse. Subsequently, introducing payments into the platform’s infrastructure will certainly incorporate a new revenue opportunity for Twitter.
Twitter to Enter the Payments Business
The Financial Times has reported that Esther Crawford, a high-ranking Twitter employee, “has started to map out the architecture needed to facilitate payments on the platform” alongside a small team of employees.
The report has come from two people with familiarity with the company’s plans. Moreover, it is reportedly a crucial aspect of Elon Musk’s overarching vision for fresh revenue streams across the platform. The report notes that the platform’s advertising business, once with $5 billion a year, has faltered since the highly publicized takeover.
Musk has previously stated his desire for Twitter to eventually become an “everything app,” for users. Allowing the platform to offer financial services, including peer-to-peer transactions, savings accounts, and even debit cards, according to the report.
The report notes that Twitter has begun applying for regulatory licenses to enter the US payments business, as well as crafting the infrastructure needed to support that. This includes Crawford’s team developing the needed protection for the data collected in the planned system. Subsequently, November saw Twitter register with the US Treasury as a payment processor. Now, turning its attention to various state licenses it requires to finalize its plans.