Twitter is on its way to offering fiat payment options as it has secured three licenses to send money in the US. Licenses are valid for Michigan, Missouri, and New Hampshire.
Twitter’s acquisition of the money transmitter licenses information comes as the platform is facing something of an existential crisis, with several changes driving users away. Management at the company is grappling with how to make Twitter sustainable in the future, and some decisions have upset users.
Twitter’s money transfer licenses may not be sufficient
Twitter’s decision Obtains The licenses for money sending devices is an effort to become an all-in-one app, like WeChat in China. The social media giant secured licenses for the states of Michigan, Missouri and New Hampshire last week.
The licenses will allow Twitter to receive and transfer funds. However, they will need licenses in every state to fully operate throughout the United States.
There are means by which a company can apply to multiple countries. The general impression is that this could be a test run of the system before more expansions arrive.
The first priority will be the payment tool. Of course, fiat will be supported, but it is unclear if encryption will be included later. Given Musk’s history with crypto, limited support may be a possibility.
It remains to be seen if this can help Twitter survive a user exodus.
Twitter’s offering of a payments feature is certainly a huge step forward for it, but it may not be enough to stem the flow of users leaving the platform. Many of the changes made since Elon Musk took over have cast a glimpse into the future of the platform.
Among the changes is the fact that there is now a width limit. Moreover, previously, it was possible View tweets without registration. That changed recently, though viewing individual tweets without logging in is now possible.
Twitter also changed things just like that Verified accounts They appear in the algorithm’s timeline. These are drastic changes for Twitter and could benefit the alternative platforms that have emerged.
Users migrate to decentralized alternatives
As Twitter has applied for a money-sending license, alternative social media platforms have taken off. This includes decentralized alternatives like Mastodon, which are among the most sought after at the moment.
Bluesky Jack Dorsey has also seen several sign-ups following Twitter’s recent decisions.
However, the most discussed development at the moment is the Meta Threads implementation. This new Instagram based text app launched today.
Although it has been the subject of much discussion, there are concerns about privacy and extensive data requirements.
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