Twitter is working on its own payment platform

Developments continue rapidly on Twitter, where many changes and innovations took place with the acquisition of Elon Musk. According to a recent report, the company is working on making its own payment platform.

Twitter may no longer be just a social media platform

In a meeting with Twitter advertisers held at Twitter Spaces in November, Elon Musk talked about his plans to enter the payments market. Talking about a plan where users can transfer money to other people on the social network, Musk has since given no further details about his plan.

The company, which is actively working on the plan, is making the necessary license applications to become a payment platform in the USA, according to the Financial Times report. The report also mentions that Elon Musk wants Twitter to be not just a messaging app, but an everything app, including finances.

While Twitter’s new payment platform will initially work with regular currencies and payment methods, the app is expected to support cryptocurrencies in the future. The platform is also planned to compete mainly with PayPal and even Apple Pay, which allows users not only to pay in stores, but also to transfer money between them.