Twitter Announces Plans For Payment System With The Possibility Of Adding Cryptocurrencies Later

The Financial Times reported that Twitter is applying for licenses and developing software to enable payments on the platform as Elon Musk seeks new sources of income to turn the business around. Esther Crawford, a rising executive at Twitter, is leading a team to implement payment capabilities, according to sources.

These steps are crucial to Musk’s plan to generate new revenue as Twitter’s $5 billion yearly ad business has declined since his $44 billion purchase in October due to advertiser worries about management and moderation.

Elon Musk has expressed his desire for Twitter to offer financial services like P2P transactions, savings accounts, and debit cards, as part of his plan to create an all-in-one app for messaging, payments, and commerce.

Twitter is making progress with regulatory requirements for launching a payment service. The company has registered as a payment processor with the US Treasury and has started applying for state licenses. Twitter is aiming to complete US licensing within a year and then expand to international regulatory approvals.

Twitter has established a subsidiary, Twitter Payments LLC, and Musk has appointed the director of product management, Crawford, as CEO of Twitter Payments. However, realizing Musk’s vision will involve overcoming technological hurdles, complying with regulations, and gaining consumer confidence.

According to sources, Musk wants the system to primarily use fiat currency, but with the possibility of adding cryptocurrency functionality later.