Published Jul 05, 2023 05:17PM ET Updated Jul 06, 2023 09:00AM ET
Twitter Payments LLC, a subsidiary of Elon Musk’s Twitter social network, appears to have received its first money transmitter licenses after Michigan, New Hampshire and Missouri approved the company’s applications.
A money transmitter license allows a company to provide transfer services or payment instruments. This differs from a license to conduct sales in that it’s meant to provide consumer protections for businesses that facilitate the transmission of money from one party to another, not just the purchase of products and services.
Twitter receives money transmitter licenses in three US states