NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Twitter working on payment tools to build an 'everything app'
    Business

    Twitter working on payment tools to build an 'everything app'

    Twitter working on payment tools to build an 'everything app'
    Written by Athik Saleh
    Jan 31, 2023, 01:49 pm 3 min read
    Twitter working on payment tools to build an 'everything app'
    Twitter is working on introducing payment tools within a year

    Elon Musk is persistent in his push to reimagine Twitter as a payments platform. The social media company has started laying the groundwork to introduce payment tools, as per the Financial Times. The introduction of a payments feature would bring Twitter closer to Musk's dream of creating an "everything app." The project is being led by Esther Crawford, Twitter's director of product management.

    Why does this story matter?

    • Twitter is in dire need of a new revenue stream that can support the aspirations of its new management. So far, the company has been hemorrhaging money.
    • Advertising revenue has continued to fall, and Musk's quest to diversify the microblogging platform's revenue sources is yet to take shape.
    • Making Twitter a social media-cum-payments platform is expected to give it a much-needed monetary push.

    Twitter has started applying for regulatory approval

    The Financial Times reported that the company has already begun applying for regulatory licenses to operate across the US, which includes registering as a payments processor with the US Treasury and applying for state licenses. Twitter is also reportedly working on the software side of things and plans to complete the process within a year.

    The feature will focus on fiat payments

    Musk wants Twitter's payment tools to primarily cater to fiat currency payments. However, the company is expected to build the product in such a way that it can accommodate crypto payments in the future. The news of the social media platform's upcoming payments feature has led to an increase in the price of Dogecoin, a cryptocurrency that Musk has been associated with closely.

    Musk has always dreamt of creating an 'everything app' 

    Musk has repeatedly talked about his desire to create an "everything app" — an app that has everything a person needs in their day-to-day life. An app like WeChat. His acquisition of Twitter was seen as the first step toward that. Adding a payment feature will play into that vision. "Buying Twitter is an accelerant to creating X, the everything app," Musk once tweeted.

    Twitter is working on a feature called 'Coins'

    Earlier this month, app researcher Jane Manchun Wong revealed that Twitter is working on a feature called "Coins." Connected to Twitter Awards, "Coins" will let users tip those who tweet great content. "Coins" will allow users to buy virtual coins with fiat currency, and they can redeem them to give creators an "Award." Creators will be able to withdraw the money in fiat.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Twitter
    Elon Musk

    Latest

    Bullish on India, but Lamborghini CEO is unhappy with infrastructure Lamborghini
    Can't confirm: US on providing India intelligence during China's incursion United States of America
    Key takeaways from the UN's latest climate change report United Nations (UN)
    iQOO Z7 goes on sale in India: Should you buy? iQOO

    Twitter

    Screenshot of man's unfortunate work history goes viral LinkedIn
    Sonali Kulkarni issues statement after controversial speech on 'Indian women' Bollywood
    #NewsBytesExplainer: Netizens demand Farhad Samji's removal from 'HP3' again—here's why Hera Pheri
    Elon Musk to open source Twitter's algorithm on March 31 Elon Musk

    Elon Musk

    What is Twitter's Community Notes and how to become contributor Twitter
    One thing other AI chatbots can learn from ChatGPT's mistake OpenAI
    #ViralVideo: Elon Musk and Elaine Benes's dance-off is a laughathon Weird Stories
    Elon Musk mocks sacked Twitter employee with disability, then apologizes Twitter

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023