Elon Musk Outlines Plans for a Twitter Payments System
Twitter has filed papers with the US Financial Crimes Enforcement Network (FinCEN) to start a payment business. Tesla CEO and Twitter chief Elon Musk explained the social media platform could offer "an extremely compelling money market account" in addition to "debit cards, checks, and whatnot."
Platform Could Offer Debit Cards, Money Market Accounts
Twitter Inc. filed registration papers
with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to
allow it to process payments, The New York Times reported on Wednesday.
The Tesla CEO and the new Twitter
chief outlined a broad overview of Twitter’s business strategy during a Twitter
Spaces audio podcast on Wednesday. During the broadcast, he described the
social media company’s plans to "enable monetization for creators."
Musk then shared his ideas of how
verified users who pay a USD 8 monthly subscription to Twitter will be
"authenticated by the payment system," elaborating:
"Now we can say, like, ok, you’ve
got a balance on your account; do you want to send money to someone else within
Twitter? And maybe we pre-populate their account with and say, okay, we’re
going to give you 10 bucks, and you can send it anywhere within Twitter."
Musk also said that users with
authenticated bank accounts attached to their Twitter accounts will be able to
"exit out of the system" and transfer their Twitter balance out of
the platform. He added:
"Then the next step would be to
offer an extremely compelling money market account to get an extremely high
yield on your balance."
Twitter could then add "debit
cards, checks, and whatnot," the Tesla and SpaceX boss said. Operating a
payment business would make Twitter a competitor of Paypal, a company that Musk
helped found.
Musk previously said that he wanted to build X, the all-in-one app, and Twitter will likely accelerate the creation of X by three to five years.
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