According to a Monday report, Twitter is moving ahead with plans to introduce payment tools across the social media app.
The platform's CEO Elon Musk says the system will initially use fiat currencies and adds cryptocurrencies functionality.
The report said people familiar with the matter said that the social media platform has begun applying for regulatory licenses.
In late October, Musk acquired Twitter for $44 billion after a legal battle that dragged out for months. The new boss wants to find new streams of revenue as it faces a drop in advertising income.
According to The Times, Esther Crawford is the head of product management at Twitter.
Musk, who founded PayPal in 1999, said previously that the Twitter acquisition would be part of a master plan to create an everything app that offers social networking, peer-to- peer payments, and e-commerce shopping.
Before Musk took over, the company was exploring ways in which users could receive tips, or digital payments, from their followers.
The New York Times previously reported that Musk proposed the payment systems idea for Twitter in a pitch to investors in May, saying it could generate upwards of $1.3 billion by the year 2028.
FOX Business reached out to Twitter for further comment.