According to the website “The Vogue,” which focuses on technology companies, Musk stated during a meeting with the staff that he wants to offer integrated payment services via “Twitter,” including money transfers, issuing debit cards, checks, and loans.
During the meeting, Musk stated, “I believe there is a chance of payments.”
In addition to the video content, content compensation, and research improvement, he continued, this feature is of “maximum priority.”
According to Musk, his plans call for turning the social media site into a “financial institution for individuals.”
The “The Vogue” report, indicated that the so -called Twitter payment service will allow every user who has a documented account on Twitter of having a balance, which can use it to send money anywhere inside the platform.
Mask said that instead of the traditional banking system, the complex and expensive credit card system, savings accounts and ongoing accounts, the user will have one account on “Twitter” that can be positive or simply positive.
According to Musk, this will enable “Twitter” to give more benefit to accounts with positive balances and receive less benefit from accounts with negative balances.
Regarding establishments that do not accept payments made through “Twitter,” Musk stated that the user will receive a discount card linked to his balance and, if he chooses, traditional checks.
The idea of converting “Twitter” to a bank is not alien to the ambitions of Elon Musk, who previously announced that it seeks to convert the social media platform into the “X” application, or the “everything” application, similar to the Chinese “Weithat”, to include all services Including banking services.
Musk, who has experience working in banking, helped build the “PayPal” giant payment company, which he later sold before focusing on the development of electric vehicles and space missiles.
Eileon Musk, who a few days ago, demobilized half of the employees, after toppled the senior managers on Twitter, to increase the company’s revenues and reduce its expenses, especially after the significant decline in advertisements on the platform.
If significant changes to the company’s working methods are not made, Musk did not completely rule out bankruptcy. He also announced the imposition of a $ 8 monthly fee for the “Twitter Blu” service, which ensures the verification of blue accounts but which was roundly rejected and neglected by users.
Does Twitter by Elon Master become a bank?
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