With many of the top advertisers temporarily halting their ad spend on Twitter, Elon Musk is desperate for new avenues the social media platform to make money. While subscriptions are a big part of Musk’s vision for Twitter, he also apparently plans to eventually bank Twitter, which would function similarly to Paytm.
According to a report published by The edgeElon Musk announced at his first official meeting with Twitter’s remaining staff that he intends to turn Twitter into a bank, complete with what he calls a “high-yield money market account,” debit cards, checks, and loans.
However, the core idea of this page of Twitter will be to facilitate payments. “I think there’s this transformative opportunity in payments,” Musk said in the report cited at the meeting. He added that they would “allow people on Twitter to send money anywhere in the world instantly and in real time. We just want to make it as useful as possible.”
Musk’s Twitter Bank, when it comes to fruition, will be a service reserved only for Twitter Blue subscribers. Whether there’s a separate fee or included at no additional cost is something Twitter needs to work on.
The way Twitter would work as a payment service is in all likelihood over verified Twitter Blue subscribers the ability to have a digital wallet or balance that allows them to send money to “anywhere in the system.” In theory, that could mean something like tipping other users or paying for paywalled video content. This money can then also be used to make transitions with the Twitter partner, which may involve other services.
For places that don’t accept Twitter payments, Musk says you’ll get a debit card tied to your balance, and even traditional checks if you want them. “If you address all the things that you want financially, then we’re going to be the people’s financial institution,” he added.
While it’s hard to imagine that the average Twitter user would actually want to bank on the platform, the idea isn’t entirely out of the blue. Musk has previously said that he tweeted in “X, the everything app.” Let’s also not forget that Musk has a banking history, when he helped found PayPalthe platform that revolutionized online banking and online payments.
This article was previously published on Source link