Twitter plans to launch Twitter Pay: A New Competitor to PayPal
In case you didn’t know, before becoming a tech mogul by taking over SpaceX, Tesla and Twitter (among others), Elon Musk largely contributed to the creation of… PayPal. In 2000, Musk co-founded online banking X.com, which merged with Confinity in 2000 to form PayPal. Two years later, eBay bought PayPal for $1.5 billion. And if we believe what is being advanced by the Financial Times, Musk would have the idea of turning Twitter into a competitor to his old platform… or almost.
Esther Crawford, Twitter’s chief product officer since 2020, would be responsible for designing a software and hardware architecture that could lead to an online payment system directly integrated into the Twitter application. This payment system would be truly similar to PayPal in that it would be possible to save money on Twitter (in a secure virtual vault), the social network not content with serving as a crossing point between the payment function and the user’s bank account.
It would thus be possible through the social network to pay in e-commerce stores or exchange money. Elon Musk is even said to have set a $1.3 billion billing target for “Twitter Pay,” which could come in 2028. This information is not a rumour, as the Financial Times learned that last November, Twitter sought approval from the US Treasury so that Twitter could become an online payment system!
Everything will be ready to obtain the necessary authorizations in each American state and then internationally. Even more importantly, Twitter’s future payment system would handle both fiat money and cryptocurrencies. In the long term, Musk even plans to turn Twitter into a second WeChat, a largely multifunctional social network (messaging, payment, booking, etc.)
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