Since the arrival of Elon Musk a Twitter, the microblogging network seems to be on a roller coaster of business decisions marked by volatile measures or poor execution. The last card to arrive on this game table is the possibility of make payments through the platformone of the levers proposed by the billionaire during the company’s purchase process as a way to boost revenue, and also one of the ways to make his vision of Twitter as a reality come true. “super app”.
Twitter would have formed a team to work on the architecture of the payment system
As reported Financial TimesTwitter has begun to apply for regulatory licenses in the United States in apparent preparation to facilitate payments through the application. Specifically, the outlet points out that the social network “has begun to map out the architecture needed to facilitate payments on the platform with a small team”, and that this system could include functionality for cryptocurrency payments.
In this sense, Musk’s goal would be for Twitter Musk to offer fiat payments at first, but to have the ability to provide payments with digital money in the future. However, obtaining licenses for the US market it could take about a year, as collected by Mashable. The initiative is being led by Esther Crawford, Twitter’s Director of Product Management.
The declaration of intent by Elon Musk comes after Twitter registered last August his payment processing subsidiary, Twitter Payments LLC, and also after he filed paperwork to become a “money transmitter” in November. On those same dates, the CEO of the company also pointed to the possibility of allowing subscribers to the Twitter Blue payment service to have the option of sending money to another person on the platform and linking their bank account to the social network.
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And it continues with the gradual increase in support by the platform for the digital assets carried out in recent years. It should be remembered that in January 2021, Twitter Blue users had the option to use NFTs like profile pictures. In addition, in October last year the app started testing NFT Tweet Tiles, providing prominent visibility and additional information for tokens; while in December, a new feature was added that allowed users to see the market prices of some cryptocurrencies by searching for the acronym of the currency on the platform.
In addition, the movement would be aligned with similar measures implemented in other businesses of the businessman, since previously Tesla accepted bitcoins to pay for its electric vehicles, although it eventually withdrew the initiative due to issues related to environmental concerns.
The payments project is part of Musk’s efforts to significantly increase revenue from Twitterwhich have been affected in recent months by the loss of advertising revenue after their arrival on the platform.
