As reported in IANS, Elon Musk has revealed his ambitions for digital payments with them, in which customers will be able to transfer funds to others like China’s WeChat, as more advertisers reduce their expenditure on Twitter. Musk explained his plans for Twitter to enter the market for digital payments in a meeting with marketers that was live-streamed.
Users would have the option to transmit money, “extract their funds to authenticated bank accounts, and, later, perhaps, be offered a high-yield money market account to encourage them to move their cash to Twitter,” he claimed.
Last Monday, Twitter submitted registration paperwork to the US government, allowing it to accept payments on its site. Musk explained how paid verification through the Blue membership service and support for a creator ecosystem may usher in payments on Twitter in an online discussion with advertisers that he held late on Wednesday.
Twitter Blue subscribers have to sign up using a credit or debit card and have their payments processed through the app stores’ in-app purchase system.
“Now we can say, okay, you’ve got a balance on your account. Do you want to send money to someone else within Twitter? Musk told advertisers.
The user can then move the money out of Twitter by transferring it to an authenticated bank account. Musk also detailed how Twitter users can earn high interest rates.
“The next step would be this offer for an extremely compelling money market account where you get an extremely high yield on your balance, then add debit cards, checks and whatnot and…just basically make the system as useful as possible. And the more useful and entertaining it is, the more people will use it,” he said.
However, Musk avoided discussing cryptocurrencies in relation to his plans for Twitter’s payment system. Musk claimed last month that he was buying Twitter to realise his dream of creating a super app named X.com that would be accessible to everyone worldwide and be similar to China’s WeChat. Musk was a co-founder of X.com, an online bank that was merged to create PayPal in 1999.