Twitter is venturing into the payment space as CEO Elon Musk seeks new ways to increase revenue for the social media giant. The company has reportedly begun the process of obtaining regulatory licenses and is led by Director of Product Management, Esther Crawford, according to sources familiar with the matter.
Twitter’s move into the payment space comes as the company faces a decline in advertising revenue, making it necessary to find alternative sources of income. The new payment feature is expected to help the platform create new streams of revenue and expand its offerings to users.
Musk, who took over Twitter in October with a $44 billion acquisition, has long been a proponent of adding payment functionality to the platform. He has previously stated that the acquisition was part of a larger plan to create “the everything app,” a service that would offer social networking, peer-to-peer payments, and e-commerce shopping.
The payment feature is expected to leverage Twitter’s extensive user base and extensive reach, making it a formidable player in the online payment space. With over 330 million monthly active users, the platform has the potential to rival other payment systems like Alipay and PayPal.
It is still unclear what form the payment feature will take, but it is expected to include the option for users to send and receive payments within the Twitter platform. The company could also potentially integrate with existing payment systems, such as the Lightning Network, to offer a seamless payment experience for users.
Twitter has a long history of exploring payment options, with the company considering the addition of a tipping feature in early 2021. This latest move into the payment space demonstrates the company’s commitment to finding new ways to generate revenue and enhance the user experience.
In conclusion, Twitter’s move into the payment space is a significant development in the online payment industry. With Elon Musk at the helm and a dedicated team working on the project, the company is poised to make a significant impact in the payment space. Only time will tell what the future holds for Twitter’s payment feature, but for now, the company’s users can look forward to a more convenient and streamlined payment experience.