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 start out a fee enterprise. Tesla CEO and Twitter chief Elon Musk defined the social media platform might provide “an extremely compelling money market account” along with “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 permit it to course of funds, The New York Times reported Wednesday, noting that it has seen the submitting.

During a Twitter Spaces audio podcast on Wednesday, Tesla CEO and the brand new Twitter boss outlined a complete overview of Twitter’s enterprise. During the printed, he described how the social media firm plans to “enable monetization for creators.”

Musk then shared his concepts of how verified customers who pay an $8 monthly subscription to Twitter shall be “authenticated by the payment system,” elaborating:

Now we are able to say like, okay, you’ve obtained a steadiness in your account, do you need to ship cash to another person inside Twitter? … And possibly we pre-populate their account with and say, okay, we’re gonna provide you with 10 bucks, and you’ll ship it wherever inside Twitter.

Users with authenticated financial institution accounts hooked up to their Twitter accounts will be capable of “exit out of the system” and switch their Twitter steadiness out of the platform, Musk defined, including:

Then the following step can be to supply an especially compelling cash market account to get extraordinarily excessive yield in your steadiness.

Twitter might then add “debit cards, checks, and whatnot,” the Tesla and Spacex boss famous. Operating a fee enterprise would make Twitter a competitor to Paypal, an organization Musk helped discovered.

Musk beforehand stated that he needed to construct X, the everything app, and Twitter will doubtless speed up the creation of X by three to 5 years.

Do you suppose Twitter ought to develop into a funds enterprise? Let us know within the feedback part under.

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