Twitter CEO Elon Musk has set out to create a complete payment system based on the social network that can compete with PayPal and Apple Pay, the Financial Times reports.
According to the publication, Twitter Inc. has already applied to the competent authorities to obtain the necessary licenses. One of the newspaper’s sources claims that the US Treasury has registered Twitter as a payment system. The granting of the license is not expected to take more than one year. After that, Twitter will have to extend the license to access the international market.
According to the publication, the team of the director of product management of Twitter, Esther Crawford, is developing a new tool.
As planned by Musk, the service will allow not only making transactions between peers and maintaining savings accounts and debit cards. There are also plans to add the ability to trade cryptocurrencies to the service.
The businessman stated that Twitter should provide fintech services within a “comprehensive application”.
Twitter Payments LLC was registered by Musk in August of last year, before the businessman bought the social network itself. In a meeting with investors in May, the businessman said that by 2028 he wants to earn about $1.3 billion through Twitter’s payment system.
Author:
Natalia Gormaleva
Source: RB
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