Musk wants Twitter to compete with PayPal and Apple Pay in the payments market

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Musk wants Twitter to compete with PayPal and Apple Pay in the payments market
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Elon Musk wants to turn Twitter into a direct competitor of payment platforms establishments such as PayPal and Apple Pay. According to the Financial Times, the change is already being developed within the social network of the little blue bird.

People who have access to the billionaire’s plans say that the measure also seeks to increase Twitter’s revenue, since payment platforms end up receiving fees to process transactions.

Musk’s intention is to allow an account to send money to another, make payments and even convert currencies in international transactions.

Image/Reproduction.

The billionaire also spoke with some executives about the possibility of Twitter allow creation of current account and savings, in addition to issuing credit or debit cards.

If the plan goes ahead, Twitter could become a fintech with a format similar to that of Nubank, for example.

Initially, Musk’s plan provides for the use of conventional currencies, such as Real or Dollar. However, the executive’s idea is to go further and allow cryptocurrency trading within the social network.

For now, Musk has not commented on the matter. In any case, he is not new to this market, as he founded X.com in 1999, one of the first online banks and which later became part of PayPal.

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