• Elon Musk’s plan to integrate a payment system into Twitter is advancing, with a small team working on logistics and seeking regulatory approvals and registrations.
• The payment system will initially handle fiat currencies, with plans to add cryptocurrencies later.
• Before Musk took over Twitter, former CEO Jack Dorsey had already introduced a beta crypto tipping service and NFT features in 2021.
Elon Musk’s vision for a payment system integrated into Twitter is quickly taking shape, with the social media giant beginning the process of regulatory approvals and registrations. To help make this a reality, Musk has appointed Esther Crawford as the CEO of Twitter Payments, a small team tasked with building the necessary infrastructure.
The payment system will initially handle fiat currencies, with plans to add cryptocurrencies later. Musk had mentioned this possibility during an all-hands meeting with Twitter staff in mid-June 2022. “I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth, and fiat currency as well as crypto — essentially, whatever somebody would find useful,” he had said.
Before Musk took over Twitter, former CEO Jack Dorsey had already introduced a beta crypto tipping service and NFT features in 2021, in partnership with payments giant Stripe. This move highlighted the company’s interest in the crypto and blockchain world.
Twitter has already taken steps to make Musk’s vision a reality. In addition to applying for financial licenses in several states, the company is also working with relevant financial bodies to ensure compliance with global payment regulations.
As a result, Twitter users may soon be able to send and receive payments in fiat currency and cryptocurrencies alike. This will open up a whole new world of possibilities for Twitter, allowing it to become a hub for online payments, and potentially allowing it to compete with the likes of PayPal, Apple Pay, and other payment services.