Twitter CEO Elon Musk plans to create a full-fledged payment system on the basis of the social network that can compete with PayPal and Apple Pay.

RB.ru says the Financial Times reports about this.

The Financial Times says Twitter is already registered with the U.S. Treasury as a payments processor. The company has also begun applying for necessary regulatory licenses in the U.S.

According to the report, Twitter hopes to complete the U.S. licensing within a year, after which the company would likely try to get the needed regulatory approvals to expand internationally.

The FT says at the helm of this new effort is Esther Crawford, Twitter’s director of Product Management.

Musk wants the service to offer peer-to-peer transactions, hold savings accounts and debit cards. Crypto functionality could be added at a later stage.



Still in November 2022 Elon Musk spoke about the possibility of sending money through Twitter.


During audio broadcast with Twitter advertisers he suggested that verified users who pay an $8 monthly subscription to Twitter would be able to benefit because now the company will know that these people have been “authenticated by the payment system.”


“Now we can say, “You have got a balance in your account, do you want to send money to someone else within Twitter? And maybe we pre-populate their account and say, “Okay, we are gonna give you $10 and you can send it anywhere within Twitter,” Musk had said.

On October 27, Musk closed his $44 billion deal to buy Twitter social media service.

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