Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

Elon Musk’s Twitter Applies for US Payment Regulatory License

Published 01/31/2023, 09:27 AM
Updated 01/31/2023, 09:30 AM
Elon Musk’s Twitter Applies for US Payment Regulatory License

  • Elon Musk’s Twitter has started applying for a license to operate a regulated payments business in the US.
  • Twitter is looking for an alternative source of revenue alongside advertising.
  • Musk had earlier hinted at his plans to offer fintech services.

Elon Musk‘s social media behemoth Twitter has started the work of applying for regulatory licenses in the US to enter the payment business, according to the latest report from the Financial Times.

The new initiative is part of the social media platform’s effort to diversify and generate new revenue for the company. According to the report, Twitter is also designing payment software that will introduce payments across the social media platform.

According to the details provided by the people familiar with the matter, a small team has begun the work of curating the framework needed to implement the payment system. Twitter has also begun the work of getting the regulatory side in order before the payment service is launched.

Details provided by these individuals also mention that the social media giant has begun to apply for state licenses prior to the launch of its payment services. Musk has earlier hinted at his plans to develop an “everything” app. This plan includes savings accounts, debit cards, peer-to-peer transactions, etc.

However, it is unclear when the whole process will be finalized ...

The post Elon Musk’s Twitter Applies for US Payment Regulatory License appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.