Twitter is planning a payment service like PayPal in search of new income other than advertising
Twitter, which has implemented
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According to the Financial Times, Twitter has started applying for licenses to US regulators and designing software to integrate its payment platform. Esther Crawford, a fast-rising aide to CEO Elon Musk at Twitter, said a small team was 'making progress on Twitter,' according to two unnamed people familiar with the plan who informed the Financial Times. Construction of the architecture necessary to facilitate payments has started.
As part of the basic plan to launch an application that integrates 'messaging', 'payment' and 'commerce', Mask CEO seems to be planning to incorporate fintech such as peer-to-peer transactions, deposit account confirmation, and debit cards into Twitter. . According to the informant, the team led by Mr. Crawford is in the process of devising a mechanism to store and protect user data collected by Twitter's payment system.
In addition, Twitter is preparing to start the payment service, and has already submitted the necessary documents to the regulatory authorities. As of November 2022, Twitter has registered as a payment processor with the U.S. Department of the Treasury, according to the document. In addition, it seems that the license application that needs to be done to the state government to start the payment service has already started. As a result, one of the parties commented that it is expected to complete the license acquisition necessary to start payment services in the United States within a year. Another source also said that Twitter is aiming to expand its payment services internationally.
Twitter had established Twitter Payments as a subsidiary in August 2022, prior to the acquisition by Musk CEO, and was considering introducing a payment service. Mask CEO has appointed Mr. Crawford as CEO of this Twitter Payments.
At the end of 2022, CEO Musk will ask investors to increase capital to Twitter, and at that time, part of the funds will be used to hire a large number of programmers and develop a 'super app' that will process payments. one of the investors who was approached for a capital increase told the Financial Times.
According to another person familiar with Twitter's plan to build a payment service, Mr. Musk's concept is ``a way for users to reward creators directly,'' ``a way for users to purchase products directly through the platform,'' and ``a way for users to pay each other. We are aiming to build a payment service that realizes 'how to do'. In addition, Mr. Mask seems to be building a service so that it will be possible to support virtual currency after the release of the payment service.
According to the Financial Times, CEO Mask mentioned in May 2022, before the acquisition of Twitter, that ``Twitter aims for payment income of about $ 1.3 billion (about 170 billion yen) by 2028'', and the acquisition It seems that they had been planning to integrate payment services into Twitter for some time.
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by Steve Jurvetson
According to FXC Intelligence , which compiles payment market data, hundreds of thousands of Twitter users share links to third-party payment services on their tweets and accounts. Therefore, Lucy Ingham, head of content at FXC Intelligence, said, ``Twitter is already a platform where payments are made, so it's natural for Twitter to aim to integrate payment services.'' I'm here.
In the payment service field, companies such as Venmo, Cash App, and Zelle are competing fiercely in the United States alone, so other payment service experts are skeptical that Twitter's payment service can grow to a competitive scale. target.
Twitter may also come under intense regulatory scrutiny. Payment providers involved in remittances, currency exchanges and check cashing are required to alert authorities of any unusual activity. To monitor fraud and suspicious transactions, payment services must link user accounts directly to user identities, said Lisa Ellis, a payments expert and senior analyst at research firm MoffettNathanson. that's right. As a result, ``these regulations have led many tech companies to experiment with payment services and give up,'' Ellis said.
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