Elon Musk has been on the lookout for ways through which he can transform the Twitter app into a profitable organization, ever since he took charge in October of 2022.
But it so happens that not a lot of things have gone according to plan. Last year, we saw the business mogul in a dire state to make something or the other work.
The microblogging firm has been in shatters with advertising at a halt, greatly affecting the company’s overall revenue. He even tried launching the verified ticks for $8 each month but even that failed to pull through. Now, it appears the company is headed in a whole new direction altogether.
Think along the lines of transforming into a payment platform that competes with archrivals like PayPal, Apple Pay, and even Venmo.
Meanwhile, a recently published report by The Financial Times says the app has even started to apply for the likes of regulatory licenses to really move ahead with its payment platform plans in the US. Similarly, speculations have gone on to mention how the new infrastructure in this regard is also getting developed by Esther Crawford who is the company’s head of product management.
This particular development is definitely one part of Musk’s idea to transform Twitter into an app that does everything. Remember, in the likes of November, the leading tech giant driven by Musk revealed the idea of turning Twitter into a place to shop for products. Similarly, users would be allowed to transfer funds to others on the platform and even withdraw money to other verified bank accounts.
On the other hand, Elon Musk was also seen pitching a deck to potential investors about how Twitter was on the lookout for the company to acquire payments worth a staggering $1.3 billion by the year 2028. So as you can see, the ambitions were plenty.
As per the license applications, the company says it plans on moving ahead with more regulatory checks and would also be seen applying for the likes of state licenses. Moreover, as per individuals familiar with the report, the new idea of turning Twitter into a payment platform means it would be working with the usual payment methods and any currencies in store.
But there are also news reports confirming how keen the app is in adopting the likes of crypto in the near future.
Read next: The World Economic Forum’s insight on the largest global risks
But it so happens that not a lot of things have gone according to plan. Last year, we saw the business mogul in a dire state to make something or the other work.
The microblogging firm has been in shatters with advertising at a halt, greatly affecting the company’s overall revenue. He even tried launching the verified ticks for $8 each month but even that failed to pull through. Now, it appears the company is headed in a whole new direction altogether.
Think along the lines of transforming into a payment platform that competes with archrivals like PayPal, Apple Pay, and even Venmo.
Meanwhile, a recently published report by The Financial Times says the app has even started to apply for the likes of regulatory licenses to really move ahead with its payment platform plans in the US. Similarly, speculations have gone on to mention how the new infrastructure in this regard is also getting developed by Esther Crawford who is the company’s head of product management.
This particular development is definitely one part of Musk’s idea to transform Twitter into an app that does everything. Remember, in the likes of November, the leading tech giant driven by Musk revealed the idea of turning Twitter into a place to shop for products. Similarly, users would be allowed to transfer funds to others on the platform and even withdraw money to other verified bank accounts.
On the other hand, Elon Musk was also seen pitching a deck to potential investors about how Twitter was on the lookout for the company to acquire payments worth a staggering $1.3 billion by the year 2028. So as you can see, the ambitions were plenty.
As per the license applications, the company says it plans on moving ahead with more regulatory checks and would also be seen applying for the likes of state licenses. Moreover, as per individuals familiar with the report, the new idea of turning Twitter into a payment platform means it would be working with the usual payment methods and any currencies in store.
But there are also news reports confirming how keen the app is in adopting the likes of crypto in the near future.
Read next: The World Economic Forum’s insight on the largest global risks
