By Jasmine Anand:
Tesla CEO and Twitter’s chief, Elon Musk, is reportedly pushing forward his plans for Twitter payments. As per the reports, the social media platform has directed its developers to build its payment systems in such a manner that cryptocurrency payments can be added at a later stage.
The billionaire owner wants the said payment systems to be first laid out for fiat currencies and the crypto functionality to be added when the opportunity arises.
However, whether the above-mentioned payments will make use of either blockchain technology or crypto technology, is still unknown.
It must be noted that as a part of the plan to introduce an ‘everything app’, Elon Musk wants Twitter to incorporate not only messaging, payments, and commerce but also fintech services like peer-to-peer transactions, savings accounts, and debit cards.
Reports suggest that Twitter has commenced applying for regulatory licenses across the United States and has initiated building the requisite software to introduce payments across the social media platform, as the SpaceX boss searches for new revenues to turn round the business.
It is pointed out that Twitter's $ 5 billion-a-year advertising business has been struggling ever since Musk bought the social media site in October last year, as apprehensions are mounting regarding its management and content moderation.
Here, it is pointed out that Twitter had been exploring some payment features around tipping creators and e-commerce, even before Musk's takeover.
Following this piece of news, Musk’s favourite, Dogecoin, has climbed by 4.48 percent to $0.09304 over the last 24 hours. Interestingly, the price of DOGE continues to be impacted by Musk, with the meme coin witnessing price growth when Musk finds success and price declines when the Tesla owner struggles.
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