Financial Times reports that Twitter’s ad revenue decline drives the integration of payment options, starting with national currencies and followed by cryptocurrencies
Under Elon Musk’s leadership, Twitter has already begun securing ss the US to integrate the payment option into the social networking platform.
According to the Financial Times, Elon Musk’s vision to integrate the payments option into Twitter is a means for the social media giant to create new revenue streams after the decline in ad revenue.
First with national currencies, then with cryptocurrencies
Elon Musk’s priority is to make it possible to make payments with national currencies first, followed at a later stage by the option to make payments with cryptocurrencies.
Twitter has already commissioned a small team to prepare the design for integrating payments into the platform, in line with Elon Musk’s vision of an “app for everything”, similar to China’s WeChat.
Elon Musk is optimistic that Twitter will offer fintech services such as peer-to-peer transactions, savings accounts, and debit cards, in addition to the popular social media platform’s familiar features.
Dogecoin showed a slight rise
Twitter’s intention to move forward with its vision for payments on its platform caused what has now become a habit… an — albeit small — rise in the price of Elon Musk’s favorite memecoin, Dogecoin (DOGE).
The DOGE/USDT chart showed that Dogecoin was trading in the price range of $0.087 before this news and subsequently rose by 10% reaching $0.09564.
Originally published at https://bitnewsbot.com on February 2, 2023.
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Twitter Goes Cashless: Elon Musk’s Vision for a One-Stop Shop Platform Takes Shape was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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