Twitter is working on becoming a payments platform to compete with Apple Pay and PayPal
Since Elon Musk took over Twitter, the company has fluctuated in its implementation of new decisions and removal of old ones. The company is continuously introducing new and advanced methods to increase revenue. The last one we heard was about the implementation of payments to blue-tick owners. The company is currently aiming to make the site much more than just a social platform. According to rumors’, Twitter is doing all of this in order to compete with Apple Pay and PayPal.
Twitter is working on making its own payment platforms
In November of the previous year, Musk introduced an idea and plan about entering the payment market with Twitter advertisers in a meeting hosted at Twitter Spaces. He proposed the idea of sharing payments through the platform. Although there weren’t any details revealed about the idea yet, it seems that Platform is working on bringing this idea to reality.
According to information from the Financial Times, the company is applying for various licenses in order to become a proper payment platform in the US. Moreover, it was reported that the company’s director, Esther Crawford, is working on developing the infrastructure for its latest services. The idea of Twitter’s owner is to turn the platform into an application that could do anything.
As quoted by Musk about his idea of making a platform an “everything app” he will make the platform capable of making transactions; creating savings accounts and generating debit cards are all part of the plan. Musk co-founded X.com in 1999 as its first online banking platform, which later became a subsidiary of the behemoth PayPal.
As the company is proceeding towards bringing the idea to reality, it’s planning to provide support for crypto currencies in the future. The idea would create an incredible competition with PayPal and Apple Pay, which not only provide a facility to pay in stores but will also be able to transfer money between users.
Although it’s still unclear about the idea of competing with the platform, there are companies that have existed much longer than that. It will be most likely to face scrutiny from existing companies.
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