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Payments Briefing: What we know so far about Twitter’s payments plans

  • This week, we explore Elon Musk’s plans for Twitter’s entry into the payments market.
  • We also take a look at Citi’s new integrated solution for institutional billers.
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Payments Briefing: What we know so far about Twitter’s payments plans

It’s almost hard to believe that it’s been just three weeks since Elon Musk officially completed his $44 billion acquisition of Twitter. Since then, he’s made a whole host of changes at the company, from slashing half of its workforce to devising a shaky plan to charge users $8 a month to get a verification checkmark on their profiles.

More recently, in a livestreamed meeting with Twitter advertisers last week, Musk laid out his long-term vision for bringing payments to Twitter – which could include offering high-yield money market accounts, debit cards, and peer-to-peer transactions.

It’s almost hard to believe that it’s been just three weeks since Elon Musk officially completed his $44 billion acquisition of Twitter. Since then, he’s made a whole host of changes at the company, from slashing half of its workforce to devising a shaky plan to charge users $8 a month to get a verification checkmark on their profiles.

More recently, in a livestreamed meeting with Twitter advertisers last week, Musk laid out his long-term vision for bringing payments to Twitter – which could include offering high-yield money market accounts, debit cards, and peer-to-peer transactions.

The New York Times also reported that Twitter had filed paperwork with the Treasury Department to become a payments processor prior to Musk’s announcements.

Musk’s relationship with fintech and payments goes all the way back to his early tech days: in 1999, he co-founded X.com, one of the first online banks, which later became part of PayPal.

So, what kind of details did Musk share regarding his payments plans for Twitter, and how feasible are these plans?

 


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