Twitter has reportedly taken another step closer to making its payment feature a reality. Two sources familiar with the matter have revealed that the social media giant is building the payment system in such a way that cryptocurrency functionality can be added in the future.
Chief Twit, Elon Musk has long hinted that the platform would incorporate payments and has recently talked about his vision of making Twitter an “everything app.” The payment feature will initially support fiat currencies, but it is believed to have been designed to accommodate cryptocurrencies should the opportunity arise.
In December, the leaked images revealed “Twitter Coins,” a digital asset in development that could be used for payments and tips on the platform. Although many hoped the project would involve crypto technology, the more recent leaked images made no mention of it.
However, unconfirmed rumors emerged last October that Twitter was working on a wallet prototype to support crypto deposits and withdrawals. Despite these rumors, the payment system is expected to start with only fiat support for now.
Twitter has begun the process of applying for state-based regulatory licenses in the US, which would allow it to introduce payments to the platform. The company hopes the US licensing process will be completed within a year. In November, “Twitter Payments LLC” registered with the US Treasury Department’s Financial Crimes Enforcement Network, which would allow it to process payments.
In a recent Twitter Space event, Elon Musk talked about his vision of connecting bank accounts to Twitter profiles and incorporating debit cards. He also discussed the platform’s ability to facilitate money transfers.
Once the US licenses have been approved, Twitter is expected to gain regulatory approvals internationally. With this latest development, Twitter’s dream of becoming an “everything app” with the added capability of payments is becoming more of a reality.
In conclusion, Twitter’s move to introduce payment features has taken another step forward, with the company building the payment system so that cryptocurrency functionality can be added in the future. The US licensing process is expected to be completed within a year, and once approved, Twitter will look to gain regulatory approvals internationally.