Twitter Now Wants to Become a Payments Platform

The platform would essentially compete with PayPal and even Apple Pay, which lets users not only pay in stores, but also transfer money between them.

Since Elon Musk became the owner of Twitter, the company has been looking for new ways to increase its revenue. But now it seems that Musk is about to take a step that will take the company’s services far beyond just a social network, as he’s interested in turning Twitter into a payments platform to compete with Apple Pay and PayPal.

Back in November, Musk had already detailed his plans to enter the payments market during a meeting with Twitter advertisers hosted at Twitter Spaces. The Twitter owner suggested that users would be able to transfer money to other people on the social network. Since then, no further details about this plan have been revealed, but Twitter is still actively working on it.

According to Financial Times, the company has been applying for the necessary licenses to become a payment platform in the US. The report also mentions that Esther Crawford, Twitter’s director of product management, has been working on the infrastructure of the new service. The report notes that Musk wants to turn Twitter into an “everything app.”

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The platform would essentially compete with PayPal and even Apple Pay, which lets users not only pay in stores, but also transfer money between them.