Elon Musk provided details of a possible implementation twitter payment system. During live broadcast made in Spaces platform, the new owner of the social network presented his vision of the future to advertisers. Musk is referring to a system that will allow you to send and receive money, withdraw to a bank account or pay for services.
The plan to turn Twitter into an all-in-one application like WeChat will start with numerous changes to its structure. Payment system will work similar to PayPal, where users connected their bank account to the platform to send and receive money. They will also be able to pay for various payment features that the social network will offer in the future.
Elon said that the system will be scalable, and as soon as users have money in their Twitter account, the platform will offer to use it. Musk mulled over the idea of a balance deposit to encourage users to take advantage of it.
Let’s say you have a balance in your account. Do you want to send money to another person on Twitter? Maybe we’ll pre-add something to your account… and say, “OK, we’ll give you 10 bucks.” And you can send it anywhere on Twitter.”
New top tweet went further and hinted that Twitter may offer debit cards, checks and other long-term banking services. “The next step is to offer an account where you will get extremely high returns. Then you add cards, checks, and more,” said Elon Musk.
Elon Musk plans paid videos and ‘a lot of nonsense’ for the coming months
The payment system implementation plan is one of the many ideas that Elon Musk discussed with his inner circle at the company. “Twitter will do a lot of stupid things in the coming months. We will keep what works and change what doesn’t work.” warned his followers. To achieve this, Elon not only began determine the changes that need to be made to the architectureand have also been registered with government agencies to process payments.
Since day one at the helm of Twitter Elon Musk set his sights on monetization. While the social network already has some basic donation or Super Follow options, Musk wants to go further. On today’s broadcast, he announced his intentions implement a paid video service for content creators. The functionality will allow you to post videos from paywall with a price to unlock them.
Along with Twitter Blue, videos will be supported by the payment system which guarantees users an account to send and receive money. The offer is in line with Twitter’s future strategy of being the app for everything. The problem is that Elon Musk is still not sure how long it will take to launch it and if he will get it..
Twitter is currently in transition where we will see announcements and absurd solutions to current issues like account verification. Elon Musk has yet to overhaul the moderation system and adapt it to his “freedom of expression” principles. The latter would be vital to the definition of a commercial strategy, as it is one of the issues advertisers are most concerned about.
Source: Hiper Textual