Payments system is Elon Musk’s first step in making Twitter an ‘everything’ app

Elon Musk has reportedly asked employees at Twitter to work on a payments system with support for crypto functionalities. This system is said to start with fiat currencies but will also be able to accommodate cryptocurrencies in the future.
Citing sources, The Financial Times said that Musk instructed developers to build the platform’s payments system. Recent rumours suggested that the social media company was working on a wallet prototype with crypto deposits and withdrawal support.

Musk wants “an everything app”
Last year, Musk outlined the ingredients needed to make an “everything app” as a part of the company’s Twitter 2.0 roadmap. “Buying Twitter is an accelerant to creating X, the everything app,” Musk said in October last year. “Twitter probably accelerates X by 3 to 5 years, but I could be wrong,” he replied to a user on the same tweet thread.
Musk has also spoken a lot about bringing encryption to direct messages or DMs, monetising videos, long-form texts and payments. He even gave the example of WeChat, an instant messaging, social media, and mobile payment app that is developed by Tencent.

“It’s either convert Twitter to that [everything app], or start something new. It does need to happen somehow,” he said while saying that US needs a super app.
“If you’re in China, you kind of live on WeChat. It does everything. It’s sort of like Twitter, plus PayPal, plus a whole bunch of things all rolled into one, with a great interface. It’s really an excellent app, and we don’t have anything like that outside of China,” Musk told the listeners during a podcast last year.
In December last year, leaked images were found for “Twitter Coins”. These coins were dubbed as a secret in-development digital asset that may be used for payments and tipping on the platform in future.