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Elon Musk working on turning Twitter into a payments platform | Report

31 January 2023 10

Ever since Elon Musk became the rightful owner of Twitter, he has been following the goal of making it profitable. This is the reason he keeps experimenting with different ways to generate revenue. The revamped Blue subscription with a verified checkmark for everyone was part of this attempt and now, a Financial Times report has revealed what he is planning for the future.

The report claims Musk is working on turning Twitter into a payments platform. This will be in addition to the platform's existing social networking features and capabilities. The new avatar will allow users to send and receive payments directly from Twitter instead of leaving for third-party payment solutions like PayPal and Apple Pay.

Musk first talked about his intentions of allowing payments on Twitter in November 2022 during a Spaces Q&A session. He said users will be able to send money to each other natively on the platform. The latest report mentions sending money will not be the only service offered. The company has plans to offer all sorts of fintech services including credit cards, debit cards, and saving accounts.

While the payments platform will begin with regular currencies and payment methods, it will be expanded to support cryptocurrencies in the future and facilitate payments to stores. The ultimate goal is to make Twitter an "everything app" like WeChat is used in China. Musk wants the single app to offer messaging, payments, and commerce services to users worldwide.


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Elon Musk working on turning Twitter into a payments platform | Report
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