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To know more about this, Fintech Times To discover the industry’s initial reaction and some of the challenges Twitter may face if it goes the payments company route, we heard insights from several leaders within fintech.
James Neville Payment company CEO citizen, Said: “Without more details, it’s hard to give much comment, but as Musk moves to improve, payments are clearly an area to consider. Twitter conclusion. However, its success ties into some key issues Twitter is grappling with: trust and identity. Twitter has a long way to go to (re)establish trust that it knows who its members are communicating with, much less sending money to.
Jeff BrownCo-Founder/CEO high line agree that trust is an important consideration when considering Twitter’s foray into payments.
he said: Can people trust that Twitter handles are really the intended recipients? Can regulators trust that money laundering controls are in place? Access to additional personal information and bank accounts? Do people trust Twitter? From Twitter’s internal meeting minutes, it looks like Musk sees a compliant payment infrastructure as a partial solution to bots and fake accounts. but you may need to resolve these issues first.
“On the positive side, Musk understands the payoff and there’s a lot of great new talent available ( stripes, chimes,other). The combined savings and credit product he describes is certainly in the zeitgeist. nirvana money recently unveiled its version at Money20/20 to great acclaim. With access to 450 monthly active users at its foundation, her savings/credit products combined with P2P payments embedded in Twitter Direct His messages could be a game changer. However, this assumes that the company can generally get its act together. We’ll have to wait and see.
Daniella Hawkins Managing principal of consultancy firm Capco Twitter and other social media networks have tried payments before. While these initiatives were not well received by consumers, there are still many opportunities for businesses to explore. You must be logged into separate apps to use different payment rails (Venmo, Zelle, Cash App). It’s not the best banking experience. The problem is that consumers, especially in the US, don’t associate social media apps with payments. This has been a bit of an uphill battle for Twitter.
Regulatory scrutiny will also be a problem. Money movements and banks are heavily regulated. Elon Musk mentioned high-yield savings accounts. But perhaps Twitter is pursuing an industrial lending charter…or a banking charter.There are still some questions about how this will come together.”
Alex Mifsad CEO of Embedded Finance Provider, Weavr.io, said: This is another example of new embedded financial strategies. Adopt a highly engaged digital platform and leverage intrinsic value flows internally.
“as Shopify, Toast and other digital businesses have shown, digital platforms can be very effective fintechs and generate revenue. Twitter provides a rich base. That is, with active users creating content every day, a wealth of profiles and advertisers looking to match those profiles to their products and services. Add layers of identity verification and payments, and add Twitter alumni to the ultimate e-bazaar.
Digital and cloud expert CEO Circle It, Art Shake, believes that starting payments now is a smart move for any company.
“as if WeChatthe industry move is to create super apps, or all-in-one solutions, he said. But Elon Musk’s celebrity status helps give it some credibility. We’ve identified key security risks, but it’s not yet known if those issues have been addressed by Musk and his team since taking over.
When brands are trying new things, it is imperative that consumers trust the process, and any violation, whether minor or major, can spell doom for the payments industry. Twitter I really hope the focus on security infrastructure this should be the starting point for any company it’s a top priority and unless this is released in a hurry it will be a big win Right now, it’s unclear if that’s the case, as Twitter operates like a startup and lends itself to a “shoot first, ask questions later” workflow.
Gokce GuvenCEO and Founder CalderWeb3 company says: Jack Dorsey When block (Previously square.) Musk needs to focus on how payment integration benefits creators, not the company’s bottom line. It is possible and cryptocurrencies are a big part of the solution.
If Twitter integrates cryptopayments and shares a weekly percentage of native tokens in circulation based on the traction that creators content attracts, this could further stimulate engagement and creativity in the app. With the current issues around Twitter Blue certification alienating users, this is an important step in retaining users and driving activity on the platform, which will benefit both creators and Twitter in the long term. There is a possibility.”
finally, Chase Petrey Chief Operating Officer, Pie by Paytm, As one risk management provider put it: It’s not clear if they only accept card payments or favor using PayPal. This is a step in the right direction to facilitate payments and bring the market closer together.
Ralph Dangermeyer CEO of payment platform blue snap, believes Musk’s background is a key motivation here.
he said: There are currently many theories as to why Elon is restructuring the company in this way. Some people think it’s politically motivated, but I don’t think so. Given his current high-profile business, many forget that he was one of his PayPal co-founders. Payment technology is at his core as an entrepreneur.
When he moved to Tesla development, we saw him experimenting with positioning and the overall product in different ways. I think, even if your subscription is reduced, you still get another guaranteed revenue stream if you pay for it.
I don’t think Twitter will be the only major software platform looking at global embedded payments next year. There is a lot of potential there, especially for companies that have had some tough quarters. It may be confusing for a while, but we’ll have to wait and see before making any definitive conclusions.”
Polly Harrison
