Twitter payments platform on Way to compete with Apple Pay and PayPal

Ever since Elon Musk has acquired Twitter, he is trying to make things better. The company is looking for ways to increase its revenue, and in order to do so, Musk is taking another step to take company to another level. In an order to do so, he is trying to make Twitter a payment platform to compete with Apple Pay and PayPal. Twitter payment platform will work in the same way as other platforms work.

Will Twitter Payment Platform make its way to people?

This is not something new, Musk had revealed his plans to enter in payment market back in November. During a meeting with Twitter advertisers at Twitter Spaces, Elon revealed that in future he plans to make Twitter a payment platform. He suggested that soon people would be able to transfer money to other people through this network. Since then, no details were revealed regarding this but the company is still working on this idea.

Financial times revealed that the company had applied for the necessary licenses to become a payment platform in US. He also revealed that Esther Crawford, Twitter’s Director of Product Management, has been working on the infrastructure of the new service.

Musk has said he wants Twitter to offer fintech services such as peer-to-peer transactions, savings accounts and debit cards, as part of a master plan to launch an “everything app” that incorporates messaging, payments and commerce. In 1999, Musk co-founded X.com, one of the first online banks, which later became part of payments giant PayPal.\

 

Initially Twitter’s new payment platform will work on regular currencies, the company has plans to add support for cryptocurrencies in the future. If it is able to do so, the platform would be ready to compete with PayPal and Apple Pay.

However, this is not clear whether Twitter will be able to launch the platform and if launches will not be able to compete with other big companies or not. Only time will tell this.

Of course, it’s unclear whether Twitter will be able to compete with other companies that have been in this market for much longer. The company is also likely to face scrutiny from regulators.

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