Elon Musk’s ‘New Payment System’ Plan for Twitter

As Elon Musk sought new revenue for Twitter, which he bought for $44 billion, the company began filing license applications in the US and designing the software needed to initiate user payments.

According to information obtained by the Financial Times from two company sources, Esther Crawford, who is in the direction of Twitter and one of the names close to Musk, has launched new studies to facilitate payments on the platform with a small team.

DECREASED INCOME FLOW

Musk, who paid a large amount to buy Twitter, also began looking for new ways to increase the company’s profitability. According to the new plan, this move, which will allow payments through the site, is an important part of Musk’s plan to create new sources of income.

Twitter’s $5 billion-a-year ad revenue slowed after its $44 billion purchase of Musk in October. After the acquisition, some advertisers and marketing units pulled the ads, citing concerns about new management and content moderation.

EVERY SERVICE REQUIRES AN APP TO ACCESS

Musk is believed to want to turn Twitter into a comprehensive app, similar to WeChat in China. These kinds of apps include messaging, money transfer, and shopping together. On the other hand, financial technology services such as savings accounts and debit cards are also expected to be integrated here.

Twitter has also started filing applications for regulatory approvals in the US. One of the sources claimed that the permits can be completed within 1 year.

Prior to the Musk acquisition, Twitter was exploring some of the paid features related to tip creators and e-commerce. However, the innovations that Musk will create; It will offer many features, such as direct rewards to content creators, users who purchase products through the platform, and users who pay each other.

DOPING OF MUSK TO DOGECOIN

According to the sources, Musk wanted the system to work with fiat money at first, but cryptocurrencies could be integrated later.

The Dogecoin crypto asset, made popular by Elon Musk, rose sharply on the news that Musk will greenlight crypto payments. While the overall value of crypto assets is depreciating today, Dogecoin gained 7 percent in the last 24 hours and traded at $0.092.