Twitter has filed documents with the US Financial Crimes Enforcement Network (FinCEN) to start a payments business. Tesla CEO and Twitter chief Elon Musk explained that the social media platform could offer “an extremely compelling money market account” in addition to “debit cards, checks and so on.”
Elon Musk shares ideas for Twitter’s payment system
Twitter Inc. has filed registration documents with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to allow it to process the payments, The New York Times reported on Wednesday, noting that it had seen the filing.
During a Twitter Spaces audio podcast on Wednesday, the Tesla CEO and new Twitter boss provided a comprehensive overview of Twitter’s business. During the show, he described how the social media company plans to “enable monetization for creators.”
Musk went on to share his thoughts on how verified users who pay an $8 monthly subscription to Twitter will be “authenticated by the payment system,” stating:
Now we can say, okay, you have a balance in your account, do you want to send money to someone else on Twitter? …And maybe we pre-fill their account with it and say, okay, we’ll give you 10 bucks, and you can tweet it anywhere on Twitter.
Users with authenticated bank accounts attached to their Twitter accounts will be able to “break out of the system” and transfer their Twitter balance out of the platform, Musk explained, adding:
Then the next step would be to offer an extremely attractive money market account to earn an extremely high return on your balance.
Twitter could then add “debit cards, checks and so on,” the Tesla and Spacex boss noted. Running a payments business would make Twitter a competitor to Paypal, a company Musk helped found.
Musk has previously said he wants to build X, the whole app, and Twitter will likely speed up building X by three to five years.
Do you think Twitter should become a payment company? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.