Twitter is moving forward with plans to transform itself into a payments platform.

Ever since Elon Musk took over Twitter in late October of last year, the business mogul has been constantly looking for ways to make the micro-blogging company profitable. One of them is allowing anyone on the platform to have their own verified checkmark for $8 a month. And now, it seems the company is interested in becoming a payment platform to compete with the likes of PayPal, Venmo, and Apple Pay.

According to a report by the Financial TimesTwitter has begun applying for a regulatory license to become a payment platform in the United States. Esther Crawford, Twitter’s director of product management, is also developing the infrastructure for the new service.

The development is part of Musk’s plan to turn Twitter into an “everything app.” Back in November, the business mogul He envisioned Twitter becoming a place to shop for goods.transfer money to other Twitter users, and withdraw their balance to a verified bank account.

In a previous pitch deck for investors when Musk was considering acquiring Twitter, the business mogul said his goal for Twitter Collect nearly $1.3 billion in payments revenue by 2028..

As per the license applications, Twitter is also moving forward with regulatory checks and has also applied for the necessary state licenses.

Twitter’s planned payments platform will initially work with regular payment methods and currencies, according to people familiar with the matter. However, the company plans to support cryptocurrencies in the future.

Source: Financial Times