Elon Musk's Twitter reportedly wants to become a payments platform. It's already working on software and seeking regulatory approvals.
. This would also be centered around the ability to park capital in money market accounts, shop for goods, and support a creator marketplace in ways that might be similar, or better, than YouTube, Instagram, or Facebook, as examples.indicates that Twitter is already preparing for that future. The company has begun applying for the regulatory licenses it needs to operate a service that could compete against services like Apple Pay, PayPal, and Venmo.
It’s unclear when the Twitter payments platform will launch, or what it’ll be called. The company was already looking at supporting payments in some form, and Twitter set up a Twitter Payments subsidiary last August before Musk took over. As far as the structure of it, Musk envisions a complex payment processor inside Twitter. He wants users to be able to reward creators directly, buy products without leaving the app, and transfer money to other people. The platform will support fiat transactions primarily, but Musk reportedly wants it built so crypto support could be added later.
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