British “Financial Times” news on January 30, people familiar with the matter said that Twitter is working hard to introduce payment functions on its platform. In Musk’s vision, the payment system will initially use fiat currency, but cryptocurrency payments may be added later.
It is reported that Twitter has begun to apply for regulatory licenses across the United States and is developing the software needed to introduce payment functions. Twitter will seek to expand its payments functionality globally after receiving more regulatory approvals. According to reports, Esther Crawford, director of product management at Twitter, has started planning the payment function architecture with a small team.
Twitter currently allows users to pay for certain services, such as paid subscriptions that add a blue tick to a user’s account. But the report pointed out that Musk said he wanted Twitter to provide fintech services such as peer-to-peer transactions, savings accounts and debit cards, in an effort to turn Twitter into a “universal” application.
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Event Tracking
- 2023-01-31 Musk seeks to establish a payment system on Twitter, which may include encrypted currency functions
- 2023-01-28Twitter co-founder Stone: Musk is not the right person to run Twitter
- 2023-01-26 US media: Musk seeks to raise $3 billion to repay the debt owed by the acquisition of Twitter
- 2023-01-21 Musk: Twitter will launch a high-priced zero-ad subscription model
- 2023-01-21 Musk may have laid off 80% of his staff after taking over Twitter, leaving only about 1,300 full-time active employees
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