Twitter Inc. is working to introduce payments on the social media platform and has begun applying for regulatory licenses, the Financial Times reported Monday, citing people familiar with the matter.

New boss Elon Musk is pushing Twitter to create new streams of revenue as it faces a drop in advertising income, following his $44-billion takeover of the company in October.

The development on the payments feature is being led Esther Crawford, a director of product management at Twitter, according to the report, which added that the executive was emerging to be a key lieutenant to Musk.

Twitter did not immediately respond to a Reuters request for comment.

Musk had previously said that the Twitter acquisition would be part of a master plan to create "the everything app," a service that would offer social networking, peer-to-peer payments and e-commerce shopping.

Prior to Musk's takeover, Twitter in early 2021 was exploring allowing its users to receive tips, or digital payments, from their followers.