Twitter will explore letting users receive payments from followers

Dorsey said the feature would help the social media platform earn more money and engagement from its base of 192 million daily users.

"I think the first thing we want to focus on is that economic incentive to people who are contributing to Twitter," he said at the virtual Goldman Sachs Technology and Internet Conference.

Introducing user tipping and new features like content subscriptions would help the company diversify its revenue, which it currently earns mainly from selling advertising on Twitter.

The company said Tuesday during an earnings call with analysts that he did not expect subscriptions to be meaningful to the company's revenue until next year.