Twitter to become a Payment Platform: What you need to know!

Famous businessman Elon Musk made many changes on the platform after purchasing Twitter. Trying to increase company revenues with these changes, the business person is making new preparations. According to the news, Twitter will become a “payment platform” beyond social media. Here are the details!

It will be possible to transfer money on Twitter

Ever since he bought Twitter for 44 billion, Elon Musk has been looking for ways to increase the company's revenues. Business people who have made many innovations on this subject are now taking a new step. According to the news, Twitter will become a payment platform as well as a social media network.

In November, Musk detailed his plan to enter the payments market at a meeting with Twitter advertisers held at Twitter Spaces. The Twitter owner suggested that users can transfer money to other people on the platform. Other than that, he did not give any details.

With this innovation, Twitter wants to create an infrastructure similar to Apple Pay and PayPal. In addition, according to the allegations, the company has started to make the necessary license applications on the subject. This claim also mentions that Esther Crawford, Director of Product Management at Twitter, is working on the infrastructure of the platform.

The developed payment system will be exclusive to the USA at first and can be used in normal money. Later, cryptocurrencies will also be included in this system. In this way, users will be able to use Twitter as a bank and make payments from anywhere they want thanks to the platform.

In addition to all these, the claims include that there will be a credit card and it will be possible to transfer money between users. In addition, Elon Musk is on the agenda with different studies around the money issue. Business people care about making money for content producers to increase Twitter usage.

For this, the Twitter Coins feature is mentioned. This feature, which came to the agenda last month, will financially support content producers. Twitter Coins can be purchased by “Stripe” with real money and these unspent Coins will remain in the personal account.