Musk plans to create his own payment system on Twitter

Twitter owner Elon Musk wants to create his own payment system within the social network to later turn it into a universal app.

As reported by Ukrinform with reference to The New York Times, Musk said this during a live broadcast on Twitter’s sound system Spaces.

According to Musk, the company will monetize creators and dig deeper into the video and business segments TikTok has mastered.

Mirroring PayPal, the entrepreneur announced that Twitter will be used to process payments along with linked debit cards and bank accounts. The publication writes that once Musk helped found this digital payments company.

The company is said to have submitted its payment processing registration documents to the US Treasury Department’s Financial Crimes Enforcement Network last week.

Last September, Twitter launched an in-app donation feature that allows people to send money to creators. It must be connected to one of the payment systems.

Musk also expressed hopes of making Twitter an “app for everything” along the lines of Chinese social media platform WeChat. It is now used by more than a billion people to find news, call taxis and order food.

“The pace of Twitter’s evolution will be a huge change compared to the past,” the entrepreneur said.

As reported by Ukrinform, on October 27, Elon Musk finalized an agreement to acquire the Twitter company for $44 billion. He dissolved the board of directors soon after the takeover and consolidated his control over the company.

Source: Ukrinform

Maurice

I’m Maurice Knox, a professional news writer with a focus on science. I work for Div Bracket. My articles cover everything from the latest scientific breakthroughs to advances in technology and medicine. I have a passion for understanding the world around us and helping people stay informed about important developments in science and beyond.