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Seems logical enough

What you need to make a payments business succeed is a large number of people who might like to make payments to each other.

Elon Musk is going head to head with his old company PayPal as Twitter gears up to become an online payments business.

The social media company has been applying for payments processing licences across the US as well as hiring people to start building a payments system.

If you’ve got a couple of hundred million customers, why not?

11 thoughts on “Seems logical enough”

  1. When the market leader, PayPal, has shot itself in the foot by cancelling customers’ accounts on the basis of those individuals’ wrong-think, then the timing is propitious.

  2. Interesting. So we may see the end of politically motivated defunding by interdiction of the money transfer system?

  3. “Wasn’t Musk originally involved in PayPal ?”

    Yes and no, his online bank X.com merged with another payments company called Confinity and he did run the merged business for about 6 months but was sacked, and its real success came under Peter Thiel. It wasn’t renamed Paypal until after Musk left. Musk still had an equity stake though and when Ebay bought it for $1.5bn he made $180m.

    “He could set up his own bank.”

    He already has, see above. He even bought the X.com domain name back a few years ago, so could use that if he fancied it.

  4. bloke in spain
    January 31, 2023 at 9:22 am

    I hope this DOES end politically motivated defunding by interdiction of the money transfer system BiS. But will THEY let him get away with it?

  5. Different market today though. Payment businesses are ten a penny. For person-to-person in the U.S. you have Zelle which is free. EBay has its own payment system. For online shopping you have Stripe, Square, Apple Pay, etc.

    Twitter has a few hundred million users; but what would they trade with each other? Subscriptions to premium tweets, like Substack?

  6. Micro payments focused maybe, is that still a thing?Linked to a good subscription management service would be useful.
    Apple while insisting on taking a cut on App Store apps doesn’t do a great job of subscription management for those apps, it’s there but buried and seems more like an afterthought

  7. What killed PayPal for me was when they announced they would take $2500 from your account if they thought you used wrongspeak.

  8. What killed PayPal for me was that they refused to be a payment system, which was all that they were there for.

    Soon’s they offed Tim, I canceled.I need payment systems to be payment systems, not woke poseurs.

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