In an attempt to gain substantial income from using the app, Twitter has applied for regulatory licences from the US Treasury that would allow in-app payments. This is the next legal requirement the platform needs to provide payment services in the app.
As reported by the Financial Times: “In November, Twitter registered with the US Treasury as a payments processor, according to a regulatory filing. It has now also begun to apply for some of the state licenses it would need in order to launch, these people said. The remainder would be filed shortly, in the hope that US licensing was completed within a year, one of the people said.”
It follows Elon Musk’s plan to have his source of income from the app come from the users rather than the marketers.
As Social Media Today pointed out: “Payments are a part of Elon’s broader plans for a more functional app, which would replicate the utility of China’s WeChat, which is used by Chinese citizens for everything from ordering groceries, to buying public transport tickets, to paying bills, etc. WeChat has become such a crucial connective element, that it formed a key part of China’s COVID response, with authorities using the app as a means to manage COVID positive citizens and restrict their movement.”
It seems Musk’s plans for in-app purchases and subscriptions are likely to go ahead then. What will users think of this?
