Elon Musk (Twitter’s owner) has been testing various methods of enhancing Twitter’s profits through changes or additions to the social platform’s services. Including charging users for verification status. Now Musk is looking to take on services like PayPal (Venmo), Google Pay, and others, by expanding Twitter in the payment processing industry.
You may remember that Elon was one of the co-founding members of PayPal and its development. So the multi-company CES/owner is no stranger to the industry (literally one of the industry’s founding members).
Over the last few months, Twitter has been working on obtaining the required licenses to be able to move money across its social platform. This would allow users to send and receive cash between Twitter profiles/users.
Eventually, Musk plans to grow the service out to becoming a complete payment gateway solution, including bank accounts, cryptocurrencies, and more. A bold move that would (seek to) fully take on the likes of PayPal and other online banking solutions. Something that feels a bit odd coming from a social network (and in ways, a little scary when it comes to the amount of data that social networks mine from its users).
There is no telling if Twitter would be approved for these licenses or not or if it will even complete its efforts down this path. Maybe Elon is simply testing the waters within a comfortable category that he has a solid past experience within to see if it sticks or not before he jumps into the deep end (just like the many other changes he has been attempting).
Would you be willing to invest some of your cash within Twitter if it became an online banking solution? Make sure to take to the comments below with your own thoughts.
