Twitter, which has come to the fore with the financial and administrative problems it has experienced in recent days, can now be a payment platform.
After the acquisition of Twitter by renowned entrepreneur Elon Musk, there are significant changes planned for the platform. Mr. Musk is working to increase company profits through these alterations; one such endeavor is transforming Twitter into a payment platform – an interesting development with far-reaching implications! Here’s all you need to know about this incredible news story!
Twitter Can Now Also Be Used for Money Transfers
Elon Musk’s acquisition of Twitter for 44 billion has driven him to continually seek new ways of expanding the firm’s revenue. Business leaders who have made noteworthy advancements in this arena are now taking it one step further – reports indicate that Twitter will soon become a payment platform and continue its role as a social media network.
During a meeting with Twitter advertisers hosted on the platform, Musk delved into his plan to enter the payments market. He proposed an idea where users could send money directly to one another without needing any other information besides their account name – no details were provided beyond this concept.
It May Have a PayPal-like Structure
Twitter is aiming to construct a framework that resembles Apple Pay and PayPal. It has been reported that the corporation has also initiated making applicable licenses on this topic. Furthermore, Esther Crawford – Director of Product Management at Twitter- appears to be in charge of the platform’s infrastructure setup.
The newly developed payment platform will initially be exclusive to the US, and users can utilize both regular currency and cryptocurrencies. This way, people will have increased freedom when they use Twitter as a bank with which they can make payments from anywhere around the world! The platform also plans on providing its own credit card and permitting money transfers between users. Additionally, Elon Musk is actively working to increase usage by creating more opportunities for content creators to generate revenue through the platform.
Last month, Twitter Coins emerged as a new feature for creating content. With the help of Stripe, these coins can be purchased with real money and stored in your personal accounts until used.