Key Insights
- Twitter has filed paperwork with FinCEN to offer a payment business option
- Elon Musk says the payment business will enable monetization for creators
- Experts say the new update is to increase revenue for Twitter and integrate it into the monthly subscription
The microblogging social media platform Twitter has continued to make headlines across major news trends. Since Elon Musk took over as the owner after a long legal tussle and controversies, the company has released some updates.
One such update is the announcement by Musk to offer business payment. That is, the social media network will now be offering financial services.
Twitter To Offer Business Payment Options
In the second week of November, Twitter reportedly filed paperwork with the US Financial Crimes Enforcement Network (FinCEN). The paperwork filing will allow it to start a business payment.
Elon Musk, the CEO, said, “(we can offer) an extremely compelling money market account” —in addition to “debit cards, checks, and whatnot.”
On Wednesday, the 9th of November, Elon Musk outlined some details of the company’s new business under his watch. He gave a comprehensive overview of the updates in his space audio podcast. He said the social media company has plans to “enable monetization for creators.”
Furthermore, you would recall that Musk announced the $8 million monthly subscription for verified users. He said the payment system to be launched would help to authenticate the monthly subscription.
However, Musk added that users with authenticated bank accounts attached to their accounts could exit the system. They will also be able to transfer their balance out of the platform. He said,
… (Twitter will) offer an extremely compelling money market account to get an extremely high yield on your balance.”
Industry players and experts opined that the Tesla CEO wants to upscale the social media platform to operate a full payment service. You would recall Musk saying he wanted to build an X app, the Everything app. Experts say he might eventually turn Twitter into the X app.
Similarly, Elon Musk’s foray into the payment processing business dates back to the 1990s. He contributed to the launch of X.com, which later evolved into Paypal— a foremost financial service provider and electronic payment platform. @Fuad_Fatullaev tweeted that Twitter’s payment service will be the biggest competitor to Paypal.
Twitter has filed paperwork with FinCEN to operate as a payment service provider – this will position it to serve as a biggest competitor to Paypal. Adding digital currencies like DOGE, BTC, and BNB will likely place Musk at the forefront of championing the crypto adoption curve
— Fuad Fatullaev (@fuad_fatullaev) November 11, 2022
Therefore, the decision to register at the FinCEN office of the Treasury Department leads Elon back to his good old days.
Conclusion
The New York Times first reported Twitter’s move to enter the payment industry. Experts say it is Elon’s attempt to increase revenue.
Interestingly, Elon has rolled out new updates, such as the $8 monthly subscription. Experts say the introduction of the payment service is connected to this subscription.
Conclusively, Musk might make it the payment gateway for Twitter users to make subscription payments.
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