Will Elon Musk's Twitter 'Super App' Disrupt Banking? – The Financial Brand

Fintech firms and tech giants have changed how financial services are created and delivered, but few (if any) have established themselves as dominant marketplace disruptors. If Elon Musk completes his purchase of Twitter, could the competitive battlefield in banking be completely disrupted? There’s rampant speculation in banking that Elon Musk — founder of Tesla and SpaceX — has ambitions of using his anticipated purchase of Twitter as the foundation for creating an “everything app” that would include social messaging, payments and commerce similar to China’s WeChat. The on again, off again deal to buy Twitter could potentially go through by the end of October. In a leaked transcript of a meeting with Twitter employees this past summer, Musk appeared to outline his ambitions when he stated: Digital money is more and more prevalent. Integrating payments into Twitter would make it easy to send and receive money. WeChat and video-sharing app TikTok are examples of the direction Twitter could go. Building a super app from scratch could still be an option. Released in 2011 by Chinese internet giant Tencent, WeChat is considered the most popular app in China, with over 800 million users in 2022, representing close to 60% of the…
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