4u Created
Image default
Crypto

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


Twitter has filed paperwork with the U.S. 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.”

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 allow it to process payments, The New York Times reported Wednesday, noting that it has seen the filing.

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

Musk then shared his ideas of how verified users who pay an $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, ok, we’re gonna give you 10 bucks, and you can send it anywhere within Twitter.

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, Musk explained, adding:

Then the next step would be to offer an extremely compelling money market account to get extremely high yield on your balance.

Twitter could then add “debit cards, checks, and whatnot,” the Tesla and Spacex boss noted. Operating a payment business would make Twitter a competitor to Paypal, a company Musk helped found.

Musk previously said that he wanted to build X, the everything app, and Twitter will likely accelerate the creation of X by three to five years.

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

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Related posts

Elon Musk, Jack Dorsey Address Suggestions to Allow Less Anonymity on Twitter – Featured Bitcoin News

BTC Moves Away From $20,000 Following Historic Fed Rate Hike – Market Updates Bitcoin News

The Number of Euro-Pegged Stablecoins Has Swelled 1,683% Since 2020 – Altcoins Bitcoin News