Elon Musk-led Twitter working on payments feature – Reports
2 min read
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In accordance to studies, Twitter is doing work on a new payments function.
Twitter Inc is performing to introduce payments on the social media system and has begun applying for regulatory licenses, the Monetary Occasions documented on Monday, citing persons familiar with the issue.
New boss Elon Musk is pushing Twitter to build new streams of income as it faces a drop in promoting cash flow, following his $44-billion takeover of the organization in Oct.
The progress on the payments function is staying led Esther Crawford, a director of solution management at Twitter, according to the report, which extra that the government was rising to be a crucial lieutenant to Musk.
Twitter did not immediately respond to a Reuters request for comment.
Musk had beforehand stated that the Twitter acquisition would be aspect of a grasp system to build “the almost everything app”, a assistance that would present social networking, peer-to-peer payments and e-commerce browsing.
Prior to Musk’s takeover, Twitter in early 2021 was discovering allowing its consumers to acquire strategies, or digital payments, from their followers.
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Source website link Elon Musk, the magnate heading up Twitter, is reportedly in the process of developing a payments feature within the platform’s mobile app.
Twitter users can already send money to one another from within the Twitter app. However, this new feature would allow businesses to receive payments and accept donations from other users directly from their Twitter profiles.
The new feature is expected to leverage partnerships with payment processors and allow users to link their debit card accounts to the app. It will also likely incorporate a “tip jar” into user profiles and Twitter hashtags, allowing businesses on the platform to collect payments, donations, or even fees for services rendered.
The development will come as a big boost to businesses on the platform and could provide new opportunities for micro-transactions, especially in the realm of donations. It is also likely to increase engagement with Twitter as users have the ability to contribute, both financially and socially, to the platform in a more direct way.
At this stage, the feature is still in its early stages of development and details are scarce. The company is yet to provide an explanation regarding what forms of payments the feature will accept, how user information will be stored securely, and the implications for businesses on the platform.
However, a spokesperson for the company did confirm that the feature is being developed and may be available in future.
Overall, the reported addition of a payments feature to Twitter could prove to be a game-changer for a range of businesses, enabling them to conduct transactions directly from the platform. We will have to wait and see what other changes this development brings with it.
