Twitter could have its own payment system. Elon Musk is thinking big, very big for the network.
In 2021, Twitter had launched a native feature for making donations, so users could send money to creators, but this must be linked to a third-party payment processor to work. If Elon Musk’s vision for his network becomes a reality, Twitter could soon have its own payment system.
Twitter could get its own payment system
The new owner and acting CEO was discussing his plans for the platform in a Spaces Q&A for advertisers. Among the various things he revealed would be to allow users to connect their bank accounts to Twitter in order to send money. We will certainly have to wait a long time before such a feature is operational, if it were to see the light of day, of course, but The New York Times confirms that the company has submitted an application to be able to process payments with the Financial Crimes Enforcement Network from the Treasury Department (FinCEN) last week.
Elon Musk thinks big, very big for the network
In the discussion, Elon Musk mentioned the feature in relation to the creators. He explained the need for the site to activate monetization for creators, to encourage them to publish their work on the platform. “Now we can say, OK, you have a positive balance in your account, do you want to send money to someone else on Twitter?” He also discussed how users will be able to withdraw money from Twitter by linking their bank account, suggesting a system similar to PayPal, which he helped fund. The company could even offer an “extremely attractive account”, as well as credit and debit cards, if things go well.
But all this is only one of the novelties envisaged for the network. The $8-a-month Twitter Blue subscription offering users access to instant verification was among the first changes implemented since the takeover. Twitter will still check government entities, celebrities, editors and other public figures with a second “official” label, if Elon Musk doesn’t change his mind, but the blue checkmark is now reserved for paying subscribers.