The New York Times has reported that Twitter is planning to create its own payments system, but the details aren’t clear. The social network has already experimented with payment systems, and launched a tipping system in September 2021. Now that it has secured the required approval from FinCEN, the company hopes to implement more complex systems, as well as other forms of revenue generation.
According to Musk, a Twitter payment system could allow users to send and receive money and withdraw money from the platform. The payments system would also make it possible for users to pay for goods and services. The company’s revenue would double to $26.4 billion in six years, and its payments system would contribute $1.3 billion.
Musk said that the payments system would allow users to transfer funds directly to their verified bank accounts. He also hinted that the service could offer debit cards and money market accounts. In the future, the company may even introduce a PayPal-like system. This is a big step for the social network, which has been a pioneer in digital payments.
Twitter’s new payment system is not without controversy. Elon Musk has said that the new system will change the social network’s user experience, but that “we will continue to innovate and evolve it.” Musk has also warned that Twitter will undergo a number of changes in the next few months. The company has already had to deal with a rash of fake accounts since the feature went live. There’s even a possibility that fake accounts will emerge, taking advantage of the chaos that the payments system has caused.
Musk has also hinted that Twitter could offer a money market account. This would allow users to withdraw money easily, while also earning a high interest rate. If successful, the new service could compete with Venmo and Apple’s own savings accounts. However, it would require a verification of one’s bank account.
Twitter also plans to roll out the payment system on its website. The company has also begun advertising it in the Apple app store. People who want to subscribe to the service will have to pay $7.99 per month. However, the new service is not available to the general public. The social network has already cut its staff and has been criticized for a surge in disinformation.
Musk’s acquisition of Twitter will likely pique the interest of crypto investors. However, the future of the social network remains unclear. It’s not entirely clear whether or not cryptocurrency will become part of the payments system on Twitter. Only time will tell if the company actually makes it happen. For now, the company has taken a big step in the right direction.
Elon Musk has already changed the Twitter C-suite and ordered operational changes. He also intends to reduce the company’s staff. As a result, the new payments system will take into account the popularity of crypto in the future.