Watch out, Payment platforms… the bird has been spotted migrating into your territory.

Turns out Twitter has been applying for the required licenses to become a payment platform in the US, according to the Financial Times.

Musk has said he wants Twitter to offer fintech services such as peer-to-peer transactions, savings accounts and debit cards, as part of a master plan to launch an “everything app” that incorporates messaging, payments and commerce. In 1999, Musk co-founded X.com, one of the first online banks, which later became part of payments giant PayPal.

Everything, everywhere, all at once

It’s not totally surprising. Elon Musk has been looking for new revenue streams and hinted at joining the payments industry as far back as November.

But that’s not all. Musk wants to turn Twitter into an “everything app” that includes messaging, payments, crypto, and e-commerce all in one place.

… Which would make Twitter a competitor of Apple Pay, PayPal (Musk’s former company), and possibly other fintech platforms.

Oh, and the rules are getting softer

After reinstating thousands of previously suspended accounts, Twitter outlined how it will be applying new rules going forward.

Severe violations include but are not limited to: engaging in illegal content or activity, inciting or threatening violence or harm, privacy violations, platform manipulation or spam, and engaging in targeted harassment of our users.

— Twitter Safety (@TwitterSafety) January 28, 2023

“We have been proactively reinstating previously suspended accounts […] We did not reinstate accounts that engaged in illegal activity, threats of harm or violence, large-scale spam and platform manipulation, or when there was no recent appeal to have the account reinstated. Going forward, we will take less severe actions, such as limiting the reach of policy-violating Tweets or asking you to remove Tweets before you can continue using your account.”

Instead of outright suspensions, Twitter plans to “take less severe actions” like limiting the reach of policy-violating Tweets, and asking users to remove Tweets before continuing to use their accounts.

… All of which aligns with Musk’s “freedom of speech is not freedom of reach” Tweet from November.

New Twitter policy is freedom of speech, but not freedom of reach.

Negative/hate tweets will be max deboosted & demonetized, so no ads or other revenue to Twitter.

You won’t find the tweet unless you specifically seek it out, which is no different from rest of Internet.

Why we care

If Twitter enters the payment industry, that could mean big changes for users, creators, and marketers alike. It will be interesting to see whether these changes make users spend more time on the platform… or less.

And if Twitter’s policy for Tweets plays a role in your advertising decisions… well, now you know what to expect from those policies and can plan accordingly.

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