Payments Business Twitter Files – Elon Musk Says Platform May Offer Debit Cards, Money Market Accounts – Featured Bitcoin News

Twitter has filed documents with the US Financial Crimes Enforcement Network (FinCEN) to establish a payments business. Elon Musk, Tesla CEO and head of Twitter, said the social media platform could offer “an extremely compelling money market account” alongside “debit cards, checks, and so on.”

Elon Musk shares ideas for Twitter’s payment system

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

During a Twitter Spaces audio podcast on Wednesday, the Tesla CEO and new Twitter chief outlined a broad overview of Twitter’s business. During the broadcast, he described how the social media company plans to “enable creators to monetize.”

Musk then shared his ideas on how verified users who pay an $8 monthly subscription to Twitter are “authenticated by the payment system,” explaining the following:

Now we can say ok you have a balance in your account, do you want to send money to someone else within twitter? … And maybe we’ll pre-fill their account and say, ok, we’ll give you $10, and you can send it anywhere within Twitter.

Users with authenticated bank accounts linked to their Twitter accounts can “exit the system” and transfer their Twitter balance off the platform, Musk explained, adding:

Then the next step would be to offer an extremely compelling money market account to generate an extremely high return on your bankroll.

Twitter could then add “debit cards, checks and so on,” the Tesla and Spacex boss noted. Operating a payments business would make Twitter a competitor to Paypal, a company Musk co-founded.

Musk previously said he wants to build X, the everything app, and Twitter will likely accelerate X’s development by three to five years.

Do you think Twitter should become a payments business? Let us know in the comment section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

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