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Elon Musk’s Twitter is experiencing revenue difficulties and hopes to find new revenue streams outside of its original $5 billion-a-year advertising business model.
According to a recent Financial Times report, Mr. Musk is betting this revenue growth ambition on the payments business. He has stated that he wants Twitter to become a “universal app” that combines information, payments, and commerce. As part of this plan, Twitter intends to offer fintech services such as peer-to-peer transactions, savings accounts, and debit cards. So far, Twitter has tested its payment business in scenarios such as rewarding creators.
Official documents indicate that Twitter will register as a payment processor with the U.S. Treasury Department in November 2022 and begin actively applying in states to obtain the necessary licenses for the payment business, to be completed within a year to meet Twitter payment regulatory and compliance needs Plans have been indicated.
Notably, the payment system will initially support fiat payments, but sources indicate that the idea of adding cryptocurrency payments was included from the outset, as Twitter is the Web3 project’s main social media battleground and Musk himself is a longtime holder of Dogecoin, there has been speculation that Musk intends to lead Twitter into the crypto payments business and make payments part of his grand vision for Twitter.
As a result of this anticipation, Dogecoin (DOGE) rose after the news was announced, rising 10% in 24 hours on a surge in trading volume. Other crypto payment concept tokens such as $MOB and $ACH all rose over 30%.
Cryptopayment providers have a competitive landscape
Musk’s idea of leading Twitter into crypto payments is not unfounded. While cryptocurrencies are already widely recognized and used, crypto payments are still in a relatively early stage while traditional mobile payments are so well developed; PayPal is currently the world’s largest online payment provider with over 400 million active users worldwide, but “the PayPal of crypto MoonPay, the leading payment provider, has only 7 million verified users. Twitter, with its broad base of users and natural proximity to the Web3, has many opportunities for success.
CoinTelegraph Research has released a report that provides a detailed breakdown of how traditional businesses will access crypto payments in 2022. The report notes that many well-known companies in a variety of industries, such as Subway, PlayStation, AT&T, Home Depot, and Whole Foods, support accepting cryptocurrency payments. Certain countries, such as El Salvador and the Central African Republic, have also given the go-ahead to cryptocurrencies along the way, adopting bitcoin as the legal t
The crypto payments market is still in its infancy and far from forming a monopoly, but many players have already entered and laid the groundwork for the sector. With traditional giants such as Twitter having their eyes on this battlefield and the foreseeable future of fiat money gradually flowing into the cryptocurrency market, players in this field are facing a more competitive landscape.
Alchemy Pay exemplifies a high-quality modern payment service with five years of crypto expertise .
Among many crypto payment products of the same type, Alchemy Pay does not have a prominent reputation, but has earned a firm place in the crypto payment landscape with its high-quality products and deep industry expertise.The Financial Times reported that Elon Musk’s company is in the process of applying for regulatory licenses, and has begun applying for licenses, it reported. Forbes Award-winning Fiat Crypto pioneer Alchemy Pay has already begun this process and now holds an MTL, where it is deep into the MSB process. As a Fiat-Crypto payment gateway with on and off ramps, NFT checkout, and a crypto payment system, companies like Alchemy Pay are making their payment methods future-proof.
As a crypto-payment gateway bridging Web2 and Web3, the quantity and quality of access to local channels is an important criterion for testing a payment service provider’s capabilities. A large number of local payment channels means a wider range of user choices, which can support users completing transactions using the payment method with which they are most familiar and seamlessly transfer various tokens on the blockchain to fiat currencies and vice versa. AlchemyPay has made many solid advances in accessing localized payment channels and has accumulated an excellent user reputation and brand influence in this area. To date, AlchemyPay has partnered with over 300 local payment channels, serving millions of users in Southeast Asia, Latin America, and the SEPA area.
In terms of market strategy, AlchemyPay is very focused on entering and expanding into emerging markets, which is one of the factors that differentiate it from other crypto payment providers. With imperfect financial systems, high fiat inflation, and underdeveloped cross-border payments in places like Southeast Asia and Latin America, these emerging markets are the most promising regions to promote crypto payments. When considering a market strategy, looking to these regions means more opportunities. From the information disclosed on its official website, Alchemy Pay has access to local payment channels in regions such as the Philippines, Indonesia, Vietnam, Singapore, Brazil, Peru, Chile, and Colombia, covering more than 410 million users; MoonPay, Ramp. Compared to other crypto payment products such as MoonPay, Ramp. network, and Mercuryo, Alchemy Pay is one of the few payment service providers that includes Latin America as its primary service area, and what’s more, also offers services such as NFT Checkout, which allows users to purchase NFTs with fiat money It also supports the purchase of NFTs with fiat money.