coinedition.com
Elon Musk‘s social media behemoth Twitter has started the work of applying for regulatory licenses in the US to enter the payment business, according to the latest report from the Financial Times.
The new initiative is part of the social media platform’s effort to diversify and generate new revenue for the company. According to the report, Twitter is also designing payment software that will introduce payments across the social media platform.
According to the details provided by the people familiar with the matter, a small team has begun the work of curating the framework needed to implement the payment system. Twitter has also begun the work of getting the regulatory side in order before the payment service is launched.
Details provided by these individuals also mention that the social media giant has begun to apply for state licenses prior to the launch of its payment services. Musk has earlier hinted at his plans to develop an “everything” app. This plan includes savings accounts, debit cards, peer-to-peer transactions, etc.
However, it is unclear when the whole process will be finalized and when Twitter will be able to launch its payments business. Musk also hinted that he wants the payment system to be in fiat initially. Musk is likely to incorporate cryptocurrencies at a later stage.
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