Elon Musk explains how payments could work on Twitter

Twitter has filed documents to bring payment processing to the platform, according to a report by the New York Times.

Elon Musk, Twitter’s new CEOacknowledged the move in a livestream with advertisers on Wednesday morning, with the Times reporting that Musk “discussed a vision for Twitter to process payments, with debit cards and bank accounts connected.”

The documents were filed last week with the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, according to the report.

Musk, who acquired Twitter on Oct. 27 and is also a co-founder of PayPal, also said Wednesday that the new Twitter $8 monthly fee for a Twitter Blue subscription will allow users to switch to using the platform for payments and sending money between accounts.

“Now we can say you have a balance in your account. Do you want to send money to someone else on Twitter? And maybe we pre-fill the account,” Musk said during the livestream, adding that users could link online banking accounts on Twitter. “Then the next step would be to offer an extremely attractive money market account to earn an extremely high return on your balance,” he said. “And then add debit cards, checks.” Musk did not give details.

Twitter did not immediately respond to a request for comment.

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Elaine R. Knight