Twitter stepping up its payment game: Now licensed money transmitter in 3 states

admin July 6, 2023

0 1 minute read

Twitter has money transfer licenses in three US states, According to records Located in the National Multi-State Licensing System database.

According to these records, Twitter’s application was approved in Michigan, Missouri, and New Hampshire between June 29, 2023 and July 3, 2023.

The company’s Michigan and New Hampshire licenses are called “remittance licenses.” By the way, Twitter’s Missouri license is called the “Sale of Checks and Money Transmitter License.” However, this difference is likely due to the following reasons. How States Name Licenses not the differences in the planned services,

Twitter’s new money transfer license will likely allow it to process customer transactions in a similar fashion. PayPal and other non-bank services.

Twitter has been working on payments for months

Twitter has been in the process of obtaining a license for some time. Apply for Money Service Business (MSB) License in November 2022 with FinCENin the process, revealed that it aims to operate in all U.S. states and additional territories.

On January 30, 2023, the Financial Times reported that Twitter CTO and Executive Chairman Elon Musk has set up a team to explore digital payments. More broadly, Musk has expressed his desire to turn Twitter into an “anything app.” That’s why he rebranded his social network company Twitter Inc. to X Corp. in April.

There is no indication that Twitter has plans to introduce crypto-related services as part of its payment plans, but the site has supported crypto chips since at least February 2022. This includes other crypto features such as NFT profile pictures.

Despite all the progress made so far, Twitter has yet to announce a payment service.

Meanwhile, former Twitter CEO Jack Dorsey heads up Block Inc., which offers the Square payment app and supports standard fiat payments as well as cryptocurrencies.

Twitter steps up its payments game: An article first appeared on CryptoSlate about the approval of money transfer operators in three states.