Twitter was launched in 2021 in-app tipping featurePeople can send money to creators using this method, but it must be connected to a third party payment processor in order to work. Twitter might have its own payment system, if Elon Musk is right about the social network.Â
Twitter’s new owner Temporary CEOHe has been discussing his plans for the network in a Spaces Q&A for advertisers. He also revealed that he envisages a future when users can link their bank accounts to Twitter and send money between them. Although it is likely that it will take a while before we see it happen, if it does, The New York TimesThe company confirmed that it filed paperwork to process payments with Treasury Department’s Financial Crimes Enforcement Network, (FinCEN), last week.Â
Musk addressed the Spaces discussion about the feature and its relationship to creators. Musk talked about how creators need to be able to make money on the website to attract them to share their work. “Now, we can say, okay, you have a balance in the account. Would you like to transfer money to someone else on Twitter?” The executive stated. He also talked about how Twitter users could take money from their bank accounts by linking them to their Twitter accounts. He was referring to a similar system to PayPal. If everything goes well, the company could even offer an “extremely compelling” money market account as well as debit cards and credit cards.Â
This is just one of many changes Musk has made to the social network. After taking control of Twitter, Musk implemented the $8-per-month Twitter Blue subscription which gives users instant account verification. Twitter will continue to verify celebrities, government entities, publishers, and other public figures using a second gray “official checkmark”, but the big blue checks now belong to paying subscribers. Twitter started rolling out this unpaid checkmark yesterday. The deployment was stoppedWe have shifted the focus to “governments and commercial entities” instead.
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