Twitter is moving into the payments space. The company has obtained money transmitter licenses in three U.S. states, which will allow it to offer a variety of payment services, such as sending and receiving money, paying for goods and services, and tipping creators.
In only four days, Michigan, Missouri, and New Hampshire were all granted Twitter money transmitter licenses.
Although the titles of the licenses differ from state to state, Twitter has been granted money transmitter licenses in three American jurisdictions. The licenses are known as “Money Transmitter Licences” in Michigan and New Hampshire, whereas they are known as “Sale of Checks and Money Transmitter Licences” in Missouri. This variance in classification is probably caused by how various states name licenses.
Twitter is getting closer to launching its own payments product, with the company’s new money transmitter licenses allowing it to handle customer transactions like PayPal and other non-bank services.
Twitter has been laying the groundwork for its expansion into payments for some time now. In November 2022, it made its intentions clear by applying for MSB licenses with FinCEN.
Twitter is all set to undergo an important makeover. The business has changed its name to X Corp. under the ownership of Elon Musk, and it is preparing to become an “everything app.” This means that Twitter will soon offer a variety of new features, including digital payments.
Twitter has been slowly but surely adding crypto features to its platform. The tipping feature was a first step, and now the company is allowing users to set their profile pictures as NFTs.
It’s unclear if Twitter will introduce more crypto-related services in the future, but it’s clear that the company is interested in exploring this space.