On Tuesday, Twitter CEO Elon Musk made a comment indicating that the firm is working on a payment processing system that would directly compete with PayPal.
Musk was one of the founders of PayPal, previously called X.com, which was then bought by eBay in 2002 for $1.5 billion.
Twitter user @cb_doge wrote, “The man who reinvented the payment system back in 1999 is all set to do it again.”
Musk responded, “It’s gonna be great.”
Last month, Forbes reported that Twitter has registered with the Treasury Department’s Financial Crimes Enforcement Network, a preliminary step of becoming a payment processing system on the platform.
During a Twitter Space Wednesday, Musk said he hopes to eventually allow Twitter users to send money through the platform and even offer an “extremely compelling” money market with a high yield to “make the app as useful as possible.”
Next Big Future reported:
Twitter has filed with a financial regulatory agency to process payments. This is the start of Elon Musk going back to his Paypal plans. Elon Musk had visions for reinventing finance with Paypal.
Elon Musk will now use Twitter to realize those previously abandoned plans.
Elon wants to integrate all financial data into one database, create all financial and banking services into one highly responsive and fully digital system.
The vision is to democratize and decentralize all of finance.
Elon says they will give every Twitter user a payments account. He plans to make all of the services and site as useful, entertaining, fun and easy to use as possible.
The blue checkmark is for anyone who has a $8 per month and a phone number. This will be less special than the old blue checkmark but it will enable a cleaner more botfree environment. Twitter will actively remove accounts if it involved in fraud. There will be temporary suspensions for accounts making mistakes. Repeated offenses and bad activity will see permanent removal.