In the world tech, the media regularly mentions the “PayPal Mafia”, a group of entrepreneurs who were co-founders or employees of PayPal before starting new companies. Among these people on Think investor Peter Thiel, LinkedIn founder Reid Hoffman, or YouTube co-founders Jawed Karim, Steve Chen, and Chad Hurley. Elon Musk, head of Twitter and Tesla, is also part of this group. Indeed, Musk created X.com, which later merged with another company called Confinity to former PayPal. Therefore, Musk is no stranger to payments. And under it direction, Twitter will enter into direct competition with PayPal. This is the desire to integrate the payment system into the network social was never hidden by Elon Musk. And by the looks of it, whether it’s hell or high water, Twitter pay development continues. A recent Financial Times article reported that the network social began to study the architecture that will facilitate payments. This work is overseen by Esther Crawford, one of Elon Musk’s Twitter confidants. For example, Twitter will work on a “safe” that will protect users’ payment information. And at the regulatory level, too, everything is moving. As of November network social would initiate procedures with the US Treasury to become a payment processor. And the filing would also begin, to obtain the necessary licenses in the States. Once authorization is obtained in the United States, Twitter will settle the formalities in international.
What will pay on Twitter look like?
According to the FT, Twitter’s payment system will be expanded to support fiat currency. However, this should also allow later integration of cryptocurrencies. The idea would be to allow both e-commerce payments and money transfers between network users. social. The goal will be to generate $1.3 billion in revenue. via payments by 2028. On the other hand, Twitter has huge potential when it comes to payments. Indeed, people are already sharing links to make these payments. via third party services on the platform. As a result, the mechanism is integrated directly into the network social follows the card. Otherwise, this payment system would allow Twitter to create a new source of income, in addition to advertising and son paid subscription. It’s also part of Elon Musk’s larger project: building an app comparable to China’s WeChat. In China, WeChat is used not only for messaging, it is also a network social, a news source, means of payment, and a “wallet” that lets you digitize tickets, documents, and more. WeChat even includes a physical activity feature. Per son Project X, or “the app for everything,” WeChat inspires Elon Musk. And the integration of the payment system in Twitter is a step towards the implementation of this project.
