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Home - Fintech


TWITTER GETS APPROVED FOR MONEY TRANSMITTER LICENSES IN MULTIPLE STATES

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July 6, 2023 @ 8:39 am By JD Alois

Listen to this article

0:00 / 1:09
1X
BeyondWords

Twitter has long been expected to move into financial services. Peer to peer
payments on the social media platform make a lot of sense – not to mention
payments and transfers in general. One of the largest payment platforms in the
world is China’s WeChat Pay – a social media platform similar to Twitter.

In recent weeks Twitter has been popping up in the Nationwide Multistate
Licensing System now showing approval in Michigan, Missouri and New Hampshire
with Money Transmitter Licenses. You can be certain many more are in the queue.

Where Facebook failed in its crypto debacle that was obviously doomed from the
beginning, expect Elon Musk to succeed – learning from the experience of those
who came before him and the path laid out by WeChat.



Musk, as one of the founders of PayPal, knows his stuff when it comes to
payments. And there is a lot that can be improved on current payment platforms
like PayPal – including cost.

While people like to associate Musk with Dogecoin – his favorite crypto so it
seems, don’t expect Twitter to lead with Doge but something more mundane like US
dollars. This will help it slide by any regulatory concerns.

 





 

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