With the sole aim of broadening its reach into the financial business, Twitter recently registered with the U.S Financial Crimes Enforcement Network (FinCEN) to become a payment processor.
According to a release by the New York Times on November 9, the registration enables the platform to get various ways to process its payments. The billionaire foresees users linking their online accounts to their social media handles as well as the company transforming into “debit cards, checks, and whatnot.”
The registering entity dubbed Twitter Payments LLC was formed in August in Washington State.
Meanwhile, the registration will help businesses carry out money transfers, exchange currencies or checks, and report suspicious transactions to the agency. Although, the businesses must be registered with FinCEN as the agency won’t respond to companies that lack registration.
Prior to Musk’s acquisition of the micro-blogging site, the platform had integrated financial services to its platform allowing creators to charge subscription fees for content and users could also make donations to their favorite creators.
Interestingly, Musk is already familiar with the payment services system as he was co-founder of PayPal.
Last month, Elon Musk said Twitter is going to be an “everything app” meaning the app will be offering several services for users such as messaging, peer-to-peer payments, social networking, and e-commerce shopping. The new Twitter boss plans to model the app into a super app just like China’s WeChat.
Elon Musk Makes Modifications to Twitter
After acquiring Twitter for $44 million, the Tesla boss made a number of modifications to the social media platform, and experts have also raised some concerns.
Earlier in the week, Musk announced an $8 per month subscription fee for users who wish to have the Twitter blue badge tick which signifies a verified account. Many onlookers have criticized this plan adding that it opens the platform to impersonators. The billionaire has also changed the leadership of the platform as it fired Twitter’s CEO, Parag Agrawal, and other executives.
Meanwhile, Vitalik Buterin, co-founder of Ethereum believes that Musk could either make Twitter really great or really terrible with all of these changes.