New plans make Twitter a local payment system among users.. Get to know them

In 2021, Twitter launched an in-app tipping feature that people could use to send money to creators, but it had to be connected to a third-party payment processor for it to work, and if Elon Musk’s vision for the social network came true, Twitter could have its own payment system.

Twitter’s new owner and interim CEO discussed his plans for the social network in a Spaces Q&A for advertisers, and one of the things he revealed is that he envisions a future where users could link their bank accounts to Twitter, enabling them to send money to each other, according to an engadget report.

While it will likely take a long time before we see that happen, and if it does, the New York Times confirmed that the company filed registration papers to process payments with the Treasury’s Financial Crimes Enforcement Network (FinCEN) last week.

In the Spaces discussion, Musk talked about the feature in relation to creators, and talked about how the website needs to enable monetization for creators to entice them to publish their work on the platform, now we can say you have a balance in your account, do you want to send money to someone else within Twitter?

He also discussed how users would be able to withdraw money from Twitter by linking their bank accounts, alluding to a system similar to PayPal, which he helped create, and the company may also offer a “very compelling money market account”, as well as debit and credit cards, if things are. Going well.

And this is just one of the changes that Musk has planned for the social network, and a Twitter Blue subscription of $8 per month that gives users access to instant account verification was one of the first changes he implemented after taking over the company, and Twitter will continue to check government bodies, celebrities, publishers and personalities. Another public with a second gray “official” checkmark, but the big blue checks now reserved for paying subscribers, this unpaid checkmark started appearing yesterday before Twitter paused its posting and pulled it back in to focus on “government and commercial entities” first.

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