Twitter has been in the process of seeking regulatory licenses to enter the payments industry in the United States. The social media behemoth owned by Elon Musk is developing software with the aim of eventually enabling payments on its platform.
Ever since Musk acquired the company for $44 billion, there has been significant discussion about diversifying revenue streams. Consequently, the introduction of payment functionality into Twitter’s infrastructure would likely present a new opportunity for generating revenue.
The vision of Musk to become an everything app is slowly turning to a reality. According to the latest details that surfaced, Twitter has received the first three money transmitter licenses for payment services in the US.
Twitter receives 3 money transmitter licenses
Details from the NMLS consumer access document show that the social media giant has been granted three money transmitter licenses. The first license is in Michigan, followed by New Hampshire and a sale of checks and money transmitter license in Missouri.
Earlier reports revealed that Musk’s social media platform has been developing the necessary infrastructure to enter the payments business. With Twitter receiving three money transmitter licenses in the US, other US states are also likely to follow suit.