Elon Musk seems intent on transform Twitter in a bank: not only does he want each user to be able to link an account to his account, but he wants this account to be used to pay for everyone’s services and products. Even going so far as to issue credit cards and checks.
Elon Musk wants to turn Twitter into a bank
During a Q&A on Spaces (within Twitter), Elon Musk expressed his desire to “allow Twitter users to send money anywhere in the world instantly and in real timeAnd”. Something that several apps and banking services already do, but for Musk Twitter could eliminate the “complex and expensive” systems of verification and monitoring of accounts.
Instead on Twitter the account “it can only go positive or negativeAnd Musk explains that the idea is to provide higher interest for the green accounts and charge less costs for the red ones. With these funds users can tip creators of their choice, subscribe to Twitter Blue. But not only.
In fact, Musk’s idea is to also provide credit cards and checks for places that don’t directly accept money from Twitter. Making the social “The financial institution of the people”.
When an employee asked him if the company would even plan to provide loans and mortgages like a real bank, Musk replied: “well, yes.and you want to provide a complete service to people, then the essential elements cannot be missing ”.
A simple step (?!)
For Musk, this step should be simple: “Payments are just a form of information exchange” and therefore “there is not a big difference between sending direct messages and, let’s say, sending payments ”.
Platformer has meanwhile published a report that Twitter is filing a banking license in Washington and Esther Crawfordwho led the release of the new (and disputed) Twitter Blue, will become CEO di Twitter Payments.
So Twitter is becoming a bank. Indeed, it is becoming “the app for everything ” that Musk would like to have. Or at least these seem to be Musk’s intentions: it remains to be seen if he will succeed in doing so.