If All Goes As Planned, Elon Musk's Twitter May Soon Get A Native Payment System

If All Goes As Planned, Elon Musk's Twitter May Soon Get A Native Payment System

Tesla Inc.'s TSLA CEO and Twitter's new owner Elon Musk is reportedly envisioning a future where users can connect their bank accounts to the microblogging site and send money to each other.

What Happened: During a Spaces Q&A for advertisers, Musk spoke about his plans for the social network platform. He discussed a future where users can connect their bank accounts to Twitter and send money to each other, reported Engadget. 

See Also: Elon Musk Kills 'Official' Twitter Badge Hours After Rollout: 'Will Do Lots Of Dumb Things...'

Musk emphasized that Twitter needs to enable monetization to tempt creators to post their work on the platform. He said, "Now we can say that, okay, you've got a balance in your account, do you want to send money to someone else within Twitter?" 

The payment process Musk spoke about hints at something similar to PayPal Holdings Stock PYPL, the digital payments company he helped found. If all goes well, Twitter might offer an "extremely compelling money market account" alongside debit and credit cards, said the report. 

Why It's Important: Twitter has already filed registration paperwork to bring payment processing to the platform, reported The New York Times.

Twitter's payment system is just one of the changes Musk plans to implement. His $8 Twitter Blue subscription and reports of putting all of Twitter behind a paywall have already attracted users' and advertisers' attention. 

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