Twitter Inc. is working to introduce a payments feature on the platform and has begun applying for regulatory permission, the Financial Times reported citing sources.
Development of the payments feature is being led by Esther Crawford, Twitter’s director of product management, according to two people familiar with Twitter’s plans, and the report adds that the executive is becoming a key deputy to Elon Musk.
The payments program is key to opening up new revenue streams for Elon Musk. Twitter’s $5 billion annual advertising business has struggled since Elon Musk bought the platform for $44 billion last October.
Eon Musk has previously said he wants Twitter to offer fintech services such as peer-to-peer transactions, savings accounts and debit cards as part of his overall plan to launch an “Everything App” that blends messaging, payments and commerce.
