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According to the Financial Times, Elon Musk is interested in turning Twitter into a payment platform that can compete with Apple Pay and PayPal. Musk is also working on the infrastructure of the new service and it seems that he wants to go one step further, transforming Twitter into an all-in-one platform, capable of offering many more services than the current ones.
Back in November last year, Musk partially detailed his plans to enter the payments market during a meeting with advertisers, anticipating plans to allow Twitter accounts to transfer money to others within the social network.
Musk would be interested in having services like peer-to-peer transactions, savings accounts and debit cards as part of a global plan to roll out a new application that can incorporate messaging, payments and commerce. The platform could become a direct competitor of PayPal and Apple Pay, since in addition to allowing online and in-store payment, it will also propose to offer money transfer services between users, and this will pave the way for other applications that for now we can only imagine.
The platform will work with standard currencies and payment methods before introducing cryptocurrency support. Meanwhile, Elon Musk testified in California in the trial that he is accused of a series of tweets in 2018 in which he claimed to have the necessary funds for the delisting of Tesla.
The lawsuit against Musk over his tweets was initiated by a shareholder and could cost him billions of dollars in damages if a jury finds him guilty. According to the suing shareholder, Musk did not have the funds to delist Tesla and acted recklessly in discussing the plan.
Musk then added that we cannot ignore the fact that on Twitter there is a limited number of characters that can be used to express a concept, adding that it is a condition known to all. Musk's lawyers argue that their client was not lying when he posted those tweets and that he was actually considering delisting Tesla from the stock market, adding that the plan failed not because of Musk's will, but due to lack of authorization from shareholders.