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 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.
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.
In today’s meeting, 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.
He stressed that, initially, Twitter would need to make fundamental technology architecture changes in order to better support 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. 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.