Elon Musk Wants Twitter to Rival Payments Services Like PayPal

Teejay Boris, Tech Times 30 January 2023, 11:01 pm

Elon Musk now wants Twitter to compete against payment services like PayPal in his bid to shoot up its revenue.

The billionaire entrepreneur has been seriously looking for solutions to increase the earnings of Twitter.

Since he took over the service, he revamped the Blue subscription service, selling verification checks to almost every user, among other exclusive features.

(Photo : FREDERIC J. BROWN/AFP via Getty Images)
Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019.

And this time, the Chief Twit is reportedly planning to expand Twitter into a payment service.

Elon Musk's Twitter Payments Plan

Twitter Payments has yet to officially take off, but it looks like Musk is working to make it a reality.

Financial Times reports that the social media giant, which the billionaire entrepreneur now owns, is taking steps to launch its payments services. Once it starts rolling, it could likely compete with other payment giants, such as PayPal, which Musk founded and sold decades ago.

The news outlet reports that Twitter has started applying for necessary filings required to launch a payments service.

In fact, a regulatory filing disclosed that Twitter registered with the United States Treasury last November, designating it as a payments processor. So it seems that the paperwork began as early as last year.

The sources of Financial Times further noted that the social media firm has started applying for state licenses as well, as it gears up for its launch.

The anonymous sources revealed that the Director for Product Management at Twitter, Ester Crawford, is now working on its payment services. He and his team have reportedly started developing all the infrastructure needed to expand Twitter beyond being a social network.

Would Twitter Soon Rival Services Like PayPal?

Musk reportedly wants to transform Twitter beyond its social media format. The Tesla boss is planning on bringing financial services to the platform, including services like debit cards and savings accounts.

(Photo : OLIVIER DOULIERY/AFP via Getty Images)
In this photo illustration, a phone screen displays the Twitter account of Elon Musk with a photo of him shown in the background, on April 14, 2022, in Washington, DC. - Tesla chief Elon Musk has launched a hostile takeover bid for Twitter, insisting it was a "best and final offer" and that he was the only person capable of unlocking the full potential of the platform.

According to a report by Coin Desk, the Chief Twit is planning on offering traditional fiat currencies "first and foremost."

Given that, Twitter Payments users would have to opt to use regular currencies at first. But eventually, Musk plans to expand it to non-traditional options. The sources of the Financial Times say that the billionaire is looking to offer cryptocurrencies later on.

9to5 Mac notes in its news story that Twitter Payments would essentially compete with the current payments giants like Apple Pay, Google Pay, and PayPal.

These services allow users to send money to their peers and offer in-store payment options. But it remains to be seen if Twitter could successfully rival these existing options.