Twitter has taken the first steps in its journey to introduce payments on its platform, as the social media giant’s CEO, Elon Musk, looks for new revenue streams.
The move is a critical part of Musk’s plan to launch a one-stop-shop “everything app” that incorporates messaging, payments, and commerce. Esther Crawford, a top executive within Twitter, has been appointed as the CEO of Twitter Payments LLC. She has started to lead a small team in mapping out the architecture necessary to facilitate payments on the platform.
Twitter Applies for US State Licences
Twitter មាន started the process of obtaining the necessary regulatory licenses across the US. In November of last year, the company registered with the US Treasury as a payments processor. It has now begun applying for some of the state licenses it needs to launch the service. The company hopes to have all the necessary licenses in place within a year, after which it plans to expand internationally.
The move into payments is not without its challenges, including significant compliance burdens and winning consumer trust. Elon Musk recently approached Twitter’s equity investors in an attempt to raise more capital. The popular CEO indicated that some of the money would be used to fund a “hiring spree” of programmers. The goal is to build a “super app” capable of processing payments.
Source: https://beincrypto.com/dogecoin-soars-elon-musk-twitter-payments/