Elon Musk Plans to Launch Payment Service on Twitter

After acquiring Twitter, Elon Musk, the world's richest man and now the official owner of Twitter, announced his plan of launching payment service on the social media network, positioning it as a competitor to more than just classic social networks like Facebook.

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In a filing with the U.S. Treasury Department Financial Crimes Enforcement Network or FinCEN, Twitter has applied to become a money service business on November 4, 2022. In its application, the social network platform stated its intent to offer payment services in the United States and several foreign countries.

Musk on Wednesday shared his comprehensive overview for Twitter's business and said that Twitter will be put in competition with PayPal, a digital payment company he help found. He explained that users will be able to send money to each other on the platform and transfer their funds to their verified bank accounts in the future. Furthermore, Twitter may provide a high-yield money market account to encourage users to store their money on the platform.

"And then add debit cards, checks, and whatnot and…just basically make the system as useful as possible. And the more useful and entertaining it is, the more people will use it," he said.