Twitter Payments LLC, a subsidiary of Elon Musk’s Twitter social network, has obtained money transmitter licenses in Michigan, New Hampshire, and Missouri. These licenses allow the company to provide transfer services and payment instruments, focusing on facilitating the transmission of money between parties rather than just product or service purchases. Currently, the specific offerings and rollout timeline for Twitter Payments remain unclear.
The company applied for licenses in all 50 U.S. states, but there is no definitive schedule for approval in the remaining 47 states. While the details are limited, insiders suggest that Twitter Payments will initially offer fiat currency transaction services similar to existing platforms like Stripe, Venmo, and PayPal. In the future, the company might expand its services to include cryptocurrency options. Speculations also circulate about Twitter Payments launching its own token called “Twitter Coin” along with an accompanying wallet.
This move aligns with Elon Musk’s previous statement that Twitter would take risks and “do lots of dumb things,” following the modern tech ethos of being agile and disruptive. However, recent changes made by Twitter, such as restricting the number of posts non-paying users can view and limiting post visibility to logged-in accounts, have received mixed reactions. Some of these changes were later revoked after user feedback.
As Twitter Payments explores its entry into the payment services market, it joins other established players in the industry. The granting of licenses in these three states marks an important step forward, but there is still a long road ahead before it can operate nationwide. The impact of Twitter Payments’ potential expansion into the cryptocurrency space remains uncertain but could introduce new dynamics and opportunities within the digital economy.
Overall, Twitter’s venture into payment services demonstrates the evolving nature of social media platforms and their desire to diversify revenue streams. As Twitter Payments progresses, further developments and announcements are expected to shed light on its offerings and strategies for the future.