Twitter has long been expected to move into financial services. Peer to peer payments on the social media platform make a lot of sense – not to mention payments and transfers in general. One of the largest payment platforms in the world is China’s WeChat Pay – a social media platform similar to Twitter.
In recent weeks Twitter has been popping up in the Nationwide Multistate Licensing System now showing approval in Michigan, Missouri and New Hampshire with Money Transmitter Licenses. You can be certain many more are in the queue.
Where Facebook failed in its crypto debacle that was obviously doomed from the beginning, expect Elon Musk to succeed – learning from the experience of those who came before him and the path laid out by WeChat.
Musk, as one of the founders of PayPal, knows his stuff when it comes to payments. And there is a lot that can be improved on current payment platforms like PayPal – including cost.
While people like to associate Musk with Dogecoin – his favorite crypto so it seems, don’t expect Twitter to lead with Doge but something more mundane like US dollars. This will help it slide by any regulatory concerns.
God Bless America
— Elon Musk (@elonmusk) July 5, 2023
