Twitter moves to build payment system on platform: report
Musk floated the payment systems idea for Twitter in a pitch to investors back in May
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Twitter is moving ahead with plans to introduce payment tools across the social media app, according to a Monday report.
Per The Financial Times, the platform’s CEO Elon Musk says the system would initially use fiat currencies and eventually add cryptocurrency functionality.
Elon Musk departs the Phillip Burton Federal Building and United States Court House in San Francisco, on Tuesday, Jan. 24, 2023. (AP Photo/ Benjamin Fanjoy / AP Newsroom)
The report cited people familiar with the matter who said the social media platform has begun applying for regulatory licenses.
Musk acquired Twitter in late October for $44 billion following a chaotic legal battle that dragged out for months. The new boss has been pushing Twitter to find new streams of revenue as it faces a drop in advertising income.
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Twitter’s director of product management, Esther Crawford, is leading the development on payments, according to The Times.
Musk, who helped form PayPal in 1999, has said previously the Twitter acquisition would be part of a master plan to create an "everything app" that offers social networking, peer-to-peer payments, and e-commerce shopping.
FILE: Low-angle view of sign with logo on the facade of the headquarters of social network Twitter in the South of Market (SoMa) neighborhood of San Francisco, California, October 13, 2017. (Smith Collection/Gado/Getty Images / Getty Images)
Before Musk’s takeover, the company was exploring ways in which its users could receive tips, or digital payments, from their followers.
Musk floated the payment systems idea for Twitter in a pitch to investors back in May, saying it could generate upwards of $1.3 billion by 2028, The New York Times previously reported.
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FOX Business has reached out to Twitter for further comment.