Twitter appears to be gearing up for adding digital payment transfers to its app, according to a recent report from Reuters. This would be another source of revenue for the company in addition to its growing focus on advertisements in the past few months. As well as its Twitter Blue subscription.
Commerce is just one potential new way for Twitter to bring in cash. The company also looks to be ramping up its push for more video content. Vertical video now accounts for 10% of the time people spend on Twitter. With the app‘s hundreds of millions of users, 10% could be a sizeable chunk of revenue if used for ad placement.
Musk also believes video content growth could be an avenue for securing sponsorships for the platform through creators. Similar to the way YouTube and Twitch content creators get sponsorships from brands to plug their products. The details about Twitter’s new revenue plans were recently presented to investors, Reuters says.
Musk furthers plans for Twitter to offer digital payment transfers
It’s not clear right now if this is something that will ever come to fruition. But Musk has been open about wanting Twitter to offer payment transfer features for months now. Back in the beginning of this year Musk stated his vision for allowing users to both buy products on Twitter and send money to each other.
Now it looks like the company is taking the next step to further those plans. Reuters notes that Twitter has now applied for “money transmitter licenses” in all 50 states. If those licenses get approved, then it would certainly open some doors. Twitter could become more than just a social media app. It could also essentially become a peer-to-peer payments platform.
It’s unclear when those applications were made. Or if they’re poised to gain regulatory approval. But the action showcases Musk, and Twitter, are absolutely serious about bringing these features to users.