According to the Financial Times, the social media company Twitter has begun applying for regulatory licenses across the US. Twitter is looking to bring payments to the social media platform.
Elon Musk is looking forward to generating more revenue as it faces a drop in advertising income, following his $44-billion takeover of the company in October.
Elon Musk said that he wants Twitter to offer fintech services such as peer-to-peer transactions, savings accounts and debit cards, as part of a master plan to launch an “everything app” that incorporates messaging, payments and commerce.
As part of monitoring for fraud and suspicious transactions, user accounts have to be directly linked to a user’s identity. The development on the payments feature is being led Esther Crawford, a director of product management at Twitter, according to the report.
