Twitter Files for Payment Business — Elon Musk Says Platform Could Offer Debit Cards, Money Market Accounts

Twitter has filed paperwork with the U.S. Financial Crimes Enforcement Network (FinCEN) to commencement a outgo business. Tesla CEO and Twitter main Elon Musk explained the societal media level could connection “an highly compelling wealth marketplace account” successful summation to “debit cards, checks, and whatnot.”

Elon Musk Shares Ideas for Twitter’s Payment System

Twitter Inc. filed registration paperwork with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to let it to process payments, The New York Times reported Wednesday, noting that it has seen the filing.

During a Twitter Spaces audio podcast connected Wednesday, Tesla CEO and the caller Twitter brag outlined a broad overview of Twitter’s business. During the broadcast, helium described however the societal media institution plans to “enable monetization for creators.”

Musk past shared his ideas of however verified users who wage an $8 monthly subscription to Twitter volition beryllium “authenticated by the outgo system,” elaborating:

Now we tin accidental like, ok, you’ve got a equilibrium connected your account, bash you privation to nonstop wealth to idiosyncratic other wrong Twitter? … And possibly we pre-populate their relationship with and say, ok, we’re gonna springiness you 10 bucks, and you tin nonstop it anyplace wrong Twitter.

Users with authenticated slope accounts attached to their Twitter accounts volition beryllium capable to “exit retired of the system” and transportation their Twitter equilibrium retired of the platform, Musk explained, adding:

Then the adjacent measurement would beryllium to connection an highly compelling wealth marketplace relationship to get highly precocious output connected your balance.

Twitter could past adhd “debit cards, checks, and whatnot,” the Tesla and Spacex brag noted. Operating a outgo concern would marque Twitter a rival to Paypal, a institution Musk helped found.

Musk antecedently said that helium wanted to physique X, the everything app, and Twitter volition apt accelerate the instauration of X by 3 to 5 years.

Do you deliberation Twitter should go a payments business? Let america cognize successful the comments conception below.

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