Twitter has reportedly applied for regulatory licences across the US and is exploring software that would introduce payments on the platform.
Esther Crawford is mapping out the architecture needed to facilitate payments on the platform, according to a report from the Financial Times. This software aims to open fresh revenue streams for the social media platform.
As part of the designing process, Crawford is creating a vault for storing and protecting the user data that would be collected by the system.
In November, Twitter registered with the US Treasury as a payment’s processor, and it is now looking for state licences so it can launch.
Twitter had established a subsidiary, Twitter Payments, prior to Musk’s purchase of the company. It had explored the potential of allowing people to tip creators and e-commerce.
However, Musk is reportedly looking to do more than this. It reports he wants to allow users to reward creators directly, buy items through the platform and for users to pay one another.
Musk has stated he wants Twitter to provide multiple FinTech services, including P2P transactions, savings accounts and debit cards. Its goal is to become an ‘everything app’ that supports messaging, payments and commerce.
Earlier in the year, a new spam campaign spread across the social media platform and stole the cryptocurrency of affected users.
Kaspersky researchers uncovered the scam, which asks users for help to withdraw hundreds of thousands of dollars from the crypto account of a stranger on Twitter. However, to help the stranger, victims are encouraged to create and pay for a VIP account on the scam domain, leading to them losing their coins.
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