As it turns out, Twitter will soon become a “payment platform”. Musk has long dreamed of a single application where everything can be done, and it seems that he will expand Twitter in this direction. “X” immediately comes to mind here. One of the new steps to be taken in this regard will be to turn the social media network into a payment platform at the same time.
Twitter working on its own payment platform
According to the Financial Times, the company, which wants to create an infrastructure similar to Apple Pay and PayPal, is currently applying for the necessary licenses. Twitter’s Director of Product Management Esther Crawford is developing the infrastructure of the payment system. In the first phase, the system will be exclusive to the US and will be available in normal money. Later, cryptocurrencies will also be included in the infrastructure. People will be able to use Twitter like a bank and make payments in different places using the platform. Even a credit card is mentioned here, and money transfer between users is also on the table.
Twitter Coins will be added on Twitter too
There are other “money” oriented efforts for the platform. For example, Musk wants creators on the platform to earn money in order to increase Twitter’s usage. One of the steps taken in this regard will be Twitter Coins. The infrastructure, which was brought to the agenda by Jane Manchun Wong last month, will allow people to financially support Twitter creators they like or find useful.
Twitter Coins will be purchased by the web with actual money through “Stripe”. Also, unspent Coins will continue to be kept in personal accounts. For this infrastructure, a “Coins” category will be added to Twitter’s left-side menu. For these Coins, the company will use a gold-colored coin icon with the white Twitter logo.