Elon Musk is thinking of making Twitter a 'payment service', does it accept virtual currencies such as Dogecoin

by Steve Jurvetson

Elon Musk, who acquired Twitter and became the new CEO, talked about Twitter's plans to enter the payment services market in a Twitter space held on November 9, 2022, local time. According to the New York Times, a major daily newspaper, Twitter has submitted registration documents for developing payment services to the United States Treasury Department's Financial Crimes Enforcement Network (FinCEN) , and is already moving toward entering the payment services market. ... apparently ...

https://t.co/05QY6u4FSD

— Robin Wheeler  (@robinw) November 9, 2022

On Twitter, Elon Musk Details His Plans for Twitter's Business - The New York Times
https://www.nytimes.com/2022/11/09/technology/twitter-payments-business.html

Elon Musk details his vision for a Twitter payments system | TechCrunch
https://techcrunch.com/2022/11/09/elon-musk-details-his-vision-for-a-twitter-payments-system/

Briefing: Twitter Looks to Become PayPal Rival Processing Crypto and Other Payments — The Information
https://www.theinformation.com/briefings/twitter-files-to-process-payments

Musk discussed various plans for Twitter in a space hosted by Robin Wheeler , Twitter's Head of Client Solutions. Among them was the prospect of payment services using Twitter accounts.

Mr. Mask is already considering implementing monetization functions for creators such as 'paid videos' and 'paid DM', and is also reforming the paid subscription service ' Twitter Blue '. These monetization functions and Twitter Blue's verification program are expected to be a stepping stone to the development of payment services.

Earon Mask's Twitter is planning to implement ``paid video'' and ``paid DM'' - GIGAZINE

With the new payment service, Twitter users can transfer the cash balance obtained from the monetization function and deposit on the platform, and withdraw to an authenticated bank account. Mr. Mask also presents the idea of paying high-yield interest on the balance to encourage deposits to the Twitter account. In October 2022, Apple also announced a service called `` Pay interest according to the account balance of Apple Card ''.

“The next step is an offer on a very attractive money market account with a very high yield on your balance,” Musk said. The more convenient and interesting it is, the more people will use the service.”

Prior to this space, the New York Times reported that Twitter had obtained the registration documents submitted to FinCEN and was planning to enter the payment service. In the first place, the New York Times points out that Mr. Mask is the co-founder of X.com, the predecessor of PayPal, a major payment service provider, and that turning Twitter into a payment service can be seen as a return to the early days of his career.

Although the details of the new payment service are not clear, overseas media The Information reported that it is likely to accept virtual currencies including Dogecoin as information from a person familiar with the project.

In addition, Twitter has been developing a tipping function called ' Tips ' since before the acquisition of Mr. Mask, and has also implemented the receipt of virtual currencies such as Bitcoin and Ethereum.

How to add ``Bitcoin'' and ``Ethereum'' addresses for tips from followers on Twitter looks like this - GIGAZINE