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Elon Musk talked about launching a payment system for Twitter in a Spaces Q&A

Elon Musk talked about launching a payment system for Twitter in a Spaces Q&A.
Elon Musk talked about launching a payment system for Twitter in a Spaces Q&A.

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  • Elon Musk talked about launching a payment system for Twitter in a Spaces Q&A.
In 2021, Twitter launched an in-app tipping that people can use to send money to creators, but it must be connected to a third-party payment processor to work. If Elon Musk's vision for the social network turns out to be true, however, Twitter may have its own payment system. witter's new owner and provisional CEO has discussed his plans for the social network in a space Q&A for advertisers.

One of the things he revealed is that he envisions a future in which users can link their bank accounts to Twitter, allowing them to send money to each other. While that could take a long time to happen, if it actually happens, The New York times confirmed that the company filed registration paperwork with the Treasury Department's Financial Crimes Enforcement 

Network (FinCEN) last week to process payments. was filed. In Space Discussion, Musk talked about the feature in relation to the creators. He talked about how the website needs to enable monetization for creators to post their work on the platform. "Now we can say, OK, your account is balanced, do you want to send money to someone else within Twitter?" the executive said. .

He also discussed how users would be able to withdraw money from Twitter by linking their bank accounts, hinting at a PayPal-like system, which he helped to find. If things work out well, the company may offer "extremely compelling money market accounts," as well as debit and credit cards. This is one of the changes that Musk has planned for the social network. The $8-month Twitter Blue subscription that gives users access to instant account verification was one of the first changes the company implemented after it took over. Twitter will still verify government entities, celebrities, publishers and other public figures with a second gray "official" checkmark, but the big blue checks are now reserved for paying customers. 

This unpaid checkmark was triggered yesterday when Twitter stopped its deployment and pulled it back to focus on "government and commercial entities" earlier.

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