No one seems to understand Elon Musk's plan for turning Twitter into a super app
Insider spoke with five analysts, consultants, and fintech executives to learn what hurdles Musk will have to clear to successfully launch a super app.
"Why are people on a given network in the first place?" Miller said."If they're there for the social effects, sure they might use the financial products, but they're not going to come for the financial products." If Visa+ is successful and interoperability becomes the norm,"that network effect is off the table," Miller said, because it enables consumers to choose the"best in breed" for their financial services rather than using a one-size-fits-all solution.
"I really have to wonder what rational, responsible business executive would want to depend on or partner with Elon and with Twitter just given the reputation," he added. Regulation also poses hurdles to Musk's go-to method for swift innovation, according to one executive at a payments fintech. E-commerce in the US experienced a slower evolution compared to Asia, specifically China. In the US, e-commerce started gaining momentum in the late 1980s and early 1990s, giving online companies time to build and scale their own electronic payment systems.
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