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Elon’s Vision for a Twitter Payment System (and then Super App)

TechCrunch | Sarah Perez | Nov 9, 2022

Elon Musk Twitter Payments and Super App - Elon's Vision for a Twitter Payment System (and then Super App)The new Twitter owner suggested that, in the future, users would be able to send money to others on the platform, extract their funds to authenticated bank accounts and, later, perhaps, be offered a high-yield money market account to encourage them to move their cash to Twitter.

  • Elon Musk detailed his vision for Twitter’s plan to enter the payments market during a livestreamed meeting with Twitter advertisers, hosted on Twitter Spaces on Wednesday.
  • The new remarks followed a report this morning by The New York Times which confirmed Twitter last week had filed registration paperwork that would allow it to process payments. The report cited Twitter’s filing with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), noting that a business would need to register before it could conduct money transfers, exchange currency or cash checks.

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  • Musk explained how paid verification, which Twitter is rolling out now with its revamped Twitter Blue subscription, as well as support for a creator ecosystem, could pave the way for a payments system on its platform.
  • Paywall Video: The company was recently reported to be working on a “Paywalled Video” feature that would allow creators to charge for access to their content. This suggests Twitter could be moving into a space where it may try to compete more directly with various social media video providers, like TikTok, Instagram Reels, YouTube Shorts and others.
  • Creator opportunities: The Washington Post saw mockups of this concept where a tweet with a video could be unlocked for as little as $1.00. It said creators may be able to choose from preset prices, like $1, $2, $5 or $10 when paywalled videos were launched.
  • Musk then explained how this payments system could scale, saying that, once users gained a cash balance, Twitter could prompt them to move that money on its platform. It could even make a small donation to users’ accounts to get them started.  The move to enter the payments business ties to Musk’s larger plan to turn the social media platform into an “everything app” or “super app” called “X.”

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    • And you can send it anywhere within Twitter.
    • Later, the user could move their money out of Twitter by transferring it to an authenticated bank account.
    • The next step would be this offer for an extremely compelling money market account where you get an extremely high yield on your balance.
    • 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

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NCFA Jan 2018 resize - Elon's Vision for a Twitter Payment System (and then Super App)The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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