Twitter files paperwork with Treasury to become payment processor

Twitter FHe filed paperwork with the Treasury Department to enter the payment processing business, expanding Elon Musk’s vision for the company.

The social media platform filed the registration documents last week with the Treasury Financial Crimes Network, according to the New York Times. These documents are necessary for any business that wants to get involved in money transfers, currencies and exchanges. Musk’s decision to move Twitter into the fintech sector echoes his past at PayPal and his interest in replicating Chinese social app WeChat.

Musk address those interests in finance in a call to advertisers, saying the company is growing in commerce. Musk said Twitter has “a lot to do on the software side” and wants to implement features that allow users to purchase products with a single click on Twitter.

MUSK KILLS TWITTER VERIFICATION METHOD SHORTLY AFTER DEPLOYING IT

Twitter’s move into fintech is part of a series of bigger changes Musk has been planning that overhauls the day-to-day running of the company. Musk revamped the company’s verification process last week by linking it to its premium service, Twitter Blue. He also laid off 50% of the staff to cut costs.

Musk’s interest in Twitter embracing fintech investment reflects his historical investments. The billionaire made one of his first major investments in X.com, an online bank he founded in 1999 that would become PayPal.

Musk’s vision of combining Twitter with an e-commerce app reflects his admiration for WeChat. Musk praised the Chinese social app and expressed interest in creating his own “everything app” in the US, leading some to conclude that Musk could use Twitter’s framework to build the new version. from X.com.

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Twitter has already experimented with providing financial services to users. The company spear a tipping service in September 2021, allowing users to pay creators directly for their content. If FinCEN approves Twitter’s documents, it will allow it to create more complicated payment systems to develop alternative revenue streams in addition to the company’s advertising revenue.

About Matthew R. Dailey

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