Months after applying for payment licenses, Twitter receives approval from three states in the US – Michigan, Missouri, and New Hampshire. This gives the social media company the right to launch a payment solution for its users. Although it is different from a license to carry out sales of goods and services.
Twitter started applying for a payment license across all 50 US states in November 2022. Six months later, three have accepted, leaving 47 to review and either accept or reject the applications.
The emerging efforts to enable payments on the platform play a crucial role in Musk’s strategy to generate new streams of revenue.
Prior to Musk’s acquisition of the company, Twitter had established a subsidiary called Twitter Payments LLC in August of the previous year. However, in a recent development, Musk has appointed Crawford, who was previously Twitter’s director of product management, as the CEO of Twitter Payments.
Ever since Musk acquired Twitter for $44 billion in October, the platform’s advertising business, which previously generated $5 billion annually, has suffered a significant decline. Marketers have expressed concerns about its management and content moderation practices.
Musk has expressed his desire for Twitter to provide fintech services like peer-to-peer transactions, savings accounts, and debit cards. This vision is part of his comprehensive plan to launch an “everything app” that integrates messaging, payments, and commerce.
Notably, Musk co-founded X.com in 1999, one of the pioneers in online banking, which eventually became part of the renowned payment company PayPal.
The former CEO also stated that he expects Twitter Payments to be launched at the end of 2023, when all approvals are granted across the US and other countries where the application has been filed.
Other improvements that Elon has talked about for crypto include integrating the platform with crypto-based services, improving video features, improving how DMs function, and including video and audio calls.
Twitter may finally become the X company the billionaire has always wanted that has “everything” needed to serve today’s tech-driven users.