Twitter files for payment companies – Elon Musk says platform could offer debit cards, money market accounts

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.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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