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Musk, who tried his best to increase revenue and reduce expenditures for Twitter, now has a new trick. According to foreign media reports, Musk intends to let Twitter’s service jump out of the social platform and further become a payment platform. If Musk’s plan is successful, then In the future, Twitter will compete with services such as Apple Pay and PayPal.
In fact, as early as November last year, Musk explained in detail his plan to advance the payment market in a meeting between Twitter Spaces and Twitter advertisers. According to the “Financial Times” report, Twitter has been applying for the license required to become a US payment platform for some time in the past.
The report also mentioned that Esther Crawford, director of product management at Twitter, has also been working on the infrastructure of the new service. Musk even wants to transform Twitter into an “all-encompassing app.” It is worth noting that although Twitter’s payment platform will initially provide payment services in conventional currencies, in Musk’s plan, support for cryptocurrencies will also be added in the future.
In addition to providing payment services in stores, the Twitter payment platform may also provide a transfer function; in other words, the Twitter payment platform will essentially compete with PayPal and Apple Pay, because the two platforms can also provide the function of transferring money between users.
(First image source: shutterstock)
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