Elon Musk wants to turn Twitter into the next Cash App or Venmo.
Earlier today, Musk attended a Q&A hosted through a Twitter Space. While the new CEO answered a lot of questions concerning content moderation and profile verification, he also touched on the future of payments on the platform.
When asked about how payments could work in the future for Twitter, Musk revealed a potential future in which the platform would feature a number of payment systems like peer-to-peer transfer and even a high-yield money market account.
Now we can say, okay, you’ve got a balance on your account. Do you want to send money to someone else within Twitter? And maybe we pre-populate their account…and say, okay, we’re gonna give you 10 bucks. And you can send it anywhere within Twitter. 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.
Musk went on to say that such a system would make it easy for customers to interact and purchase products and services more seamlessly from creators and merchants. You can listen to the recording of the Twitter Space below:
In addition to talking about his idea for more payments on Twitter, Musk also addressed the worries that many have about the new version of Twitter Blue, which gives all subscribers the famous blue checkmark. Musk says that, in addition to the $8 per month hurdle that bad actors will have to deal with, the company will also be verifying identity through credit/debit cards as well as smartphones. The company believes that the combination of all three will, over time, ensure identity for those who pay for the service.
The new Twitter Blue launched to users earlier today.