Twitter CEO Elon Musk has big plans for the social media network. He wants to make Twitter into an all-encompassing app, akin to WeChat in China, with a built-in payment and e-commerce infrastructure. According to a recent Financial Times investigation, Twitter is already planning for this future. The business has begun seeking for regulatory permits and developing the software required to handle payments on the platform.
Elon Musk has hired Crawford, a rising Twitter employee, to lead the payments platform. Crawford is in charge of a small team in charge of creating the platform. Musk is not new to fintech; he co-founded X.com, one of the earliest online banks, which subsequently became PayPal.
Musk envisions a sophisticated payment processor inside Twitter that would enable users to directly reward artists, buy products without leaving the service, and transfer money to others. The platform will initially allow currency transactions, but Musk aims to design it so that crypto functionality may be added later.
Crawford, the recently named CEO of Twitter Payments, also serves as Twitter’s director of product management. According to reports, she and her team are developing a “vault” to store and preserve user data that Twitter would need. As a payment processor, Twitter must follow banking standards, which means it must gather user identity data and report any suspicious activity to authorities.
Twitter is also completing the required regulatory procedures before launching the service. The business has registered as a payment processor with the US Treasury and is seeking state licences. Twitter intends to complete a US licence within a year, followed by comparable approvals in overseas regions.
While many internet companies keep future products under wraps, Elon Musk is renowned for his forthright attitude and may divulge more information regarding the Twitter payments network in the near future. Twitter’s ambitious ambitions for a payments platform would provide the firm with a substantial boost while also providing consumers with a quick and safe option to conduct purchases on the social media network.