In 2021, Twitter launched an in-app hint feature that allows people to send money to creators, but it requires a connection to a third-party payment processing app to work. However, if Elon Musk’s vision of a social network is realized, Twitter may launch its own payment system. and-answer” meeting with advertisers. Among other things, he revealed that he sees a future where users can link their bank accounts to Twitter so they can send money to each other. While it likely won’t happen soon, The New York Times confirmed that the company filed registration paperwork with the Treasury Department’s Financial Crime Enforcement Network (FinCEN) last week to process payments, Engadget reported.
In a conversation with Spaces, Musk explained that the website should allow creators to monetize in order to encourage them to publish their work on the platform. He also talked about how users can withdraw money from Twitter linked to their bank account. By this he meant a system similar to PayPal, in the creation of which he also participated. The company may even offer an “extremely attractive money market account,” as well as debit and credit cards, Musk said, if things go well.
This is just one of the changes that Musk has planned for the social network. Twitter Blue’s $8/month subscription, which gives users access to instant account authentication, was one of the very first changes the company made after the takeover. Twitter still uses a second gray “official” checkmark to verify government agencies, celebrities, publishers, and other public figures, but the large blue checkmark is now reserved for paying followers
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