Since Elon took over Twitter, they’ve been trying to boost their income. Now, it looks like Elon is taking Twitter to the next level by making it a payment platform to compete with the likes of Apple Pay and PayPal. Instead of just being a social network, Twitter could soon offer more services.
So, back in November, Elon Musk mentioned during a Twitter advertisers meeting that he wanted Twitter to allow users to send money to each other. Since then, not much info has come out about it, but Twitter is still working on it behind the scenes. According to the Financial Times, Twitter has been trying to get the licenses it needs to be a payment platform in the US. They even have someone working on the platform’s infrastructure. Musk wants Twitter to be an “everything app.”
Initially, the payment platform will work with regular money and payment methods, but eventually, they want to add support for cryptocurrencies too. This would put them in competition with PayPal and Apple Pay. Not sure if they’ll be able to compete with the big players in this market, and they’ll probably face some regulatory challenges too.