In Elon Musk’s weekly decision roulette wheel, at the helm of Twitter, he came up with the idea of competing with two large companies: Apple and PayPal. Yes, it’s not that he just wants to take over Apple’s ground, but he also wants to compete with the application that he himself founded. Although PayPal has not been owned by PayPal for years, it is very curious to see how events are happening in the social network.
Now Twitter wants to be a payment platform
As reported by the 9to5Mac portal, Elon Musk intends to turn Twitter into an application that adds different services. Since his tenure as CEO of the social network began, despite the constant comings and goings, Musk has sought to get more economic performance, so that the company gives benefits and, therefore, the purchase is profitable.
Although at the moment, there is nothing official and tangible on the table, since it is an idea, Twitter intends to become a payment platform through the Internet. And where does Apple come into everything I am and what does it have to do with the decision? The market focus of Twitter’s potential payment platform would compete directly with Apple Pay. But not only with Apple’s payment system, but also with the quintessential online payment system: PayPal, a company that Musk himself helped found in 1999 and which was later sold to the giant eBay.
As 9to5Mac explains, Elon Musk would already be in the process of requesting “the necessary licenses to become a payment platform in the US.” Also, “Esther Crawford, director of product management at Twitter, has been working on the infrastructure of the new service”. “Musk wants to turn Twitter into an application for everything,” mentions 9to5Mac, alluding to a report in the Financial Times newspaper, which collects this information.
In the 9to5Mac article, they also detail that initially, this payment platform would work with regulated currencies, but that “the company has plans to add support for cryptocurrencies in the future.” There are still many details to know about this platform, such as the compatible entities, if there will be (or not) commissions, possible subscriptions for free transfers, perhaps? They are just mere speculation, which can only be resolved if, and only if, this Twitter payment platform ends up coming to light.