Elon Musk pushes forward with Twitter payment master plan

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Twitter has begun applying for regulatory licenses across the US and designing the software required to introduce payments across the social media platform, as Elon Musk searches for new revenues to turnaround the business.

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Twitter is also pushing forward with the regulatory checks needed before launching a payment service. In November, Twitter registered with the US Treasury as a payments processor, according to a regulatory filing. It had now also begun to apply for some of the state licences it would need in order to launch, these people said.

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Musk’s vision goes far beyond that, including exploring more ways for users to reward creators directly, for users to buy items directly through the platform and for users to pay one another, according to three people familiar with the plans.

Musk has said he wants the system to be fiat, first and foremost, but built so that crypto functionality could potentially be added at a later point, two people said.

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