The CEO of Twitter now speaks openly about it: in the future, users of the social network will be able to send money to their favorite profiles.
The confirmation comes directly from the CEO of Twitter, Jack Dorsey: the twitter platform will soon introduce electronic payments. The news is linked to the introduction of different forms of services to support the users themselves that, with tips and subscriptions, will earn - and make money - with the content deemed most interesting.
The introduction of Twitter Pay (if so will be called the function) could represent a real revolution for the social network born in 2006. Payments, in fact, would open the doors to new types of content, introducing a method of gain still alien to the social network of twitter. At the moment, the main source of revenue of Dorsey's social network is the sale of advertising, through an integrated system within the platform itself. The CEO has however specified that the expectations related to subscriptions (on which Twitter would retain a percentage) are not currently significant but could become so already starting next year.
Twitter Pay, how it will work
Although there are still nothing concrete, the first information on the future of payments on Twitter are already known. As anticipated, Twitter Pay will be able to be used to send and receive tips from users, a bit like it already happens on other social networks where the most followed and appreciated creators can receive support from their followers through donations made directly on the platform.
The same speech should be extended to the opportunity to introduce subscription systems, for different types of publications or longer special content, dedicated to users who want to invest in the potential of the most interesting users. Also this system, already seen and used in other places, could translate for Twitter in additional revenues that would be added to those generated by advertising campaigns.
As pointed out by Dorsey during the virtual conference of Goldman Sachs Technology and Internet "the first thing we want to focus on is the economic incentive for people who are contributing to Twitter". The introduction, therefore, could bring, according to the CEO, greater engagement and, by extension, greater earnings from transactions made by the more than 192 million daily users on the platform.
Twitter, payments in bitcoin?
The Twitter CEO has never hidden his appreciation for bitcoins. As Chief Executive of Payments at Square Inc, a company for transactions through mobile devices, Dorsey has endorsed the purchase of 4709 bitcoins, for a total price of $50 million. A big deal for one of the biggest admirers of the internet currency.
According to the latest statements launched by Ned Segal, Twitter's Chief Financial Officer, the platform would be interested in betting soon on this very currency. And not only for transactions to and from users. During an interview with CNBC, Segal announced that one of the future possibilities is to make payments, to employees as well as to suppliers, in the virtual currency in front of an explicit request from their side.
According to Segal, it would be possible to make a conversion of dollars into bitcoin at the time of the transaction or, alternatively, create a wallet with sums already available. The statement came just days after Elon Musk's announcement regarding Tesla's purchase of $1.5 billion in the cryptocurrency, opening up to this form of payment. Needless to say, the entry of the tycoon's car manufacturer in the world of virtual currency has made the value of the latter splash even higher than it had already arrived recently.