Elon Musk has a lot of experience in the payments sector, he was one of those responsible for Paypal, since he owned a banking company called X.com that merged with Confinity in 2000 to create what we know today as Paypal .
The fact is that now it has defined some details about the path that Twitter will take to become a kind of bank.
Elon’s goal is for Twitter to be a place where we can have debit cards, checks and loans, a platform that allows us to send money anywhere in the world instantly and in real time.
When asked about the details, he commented that if each verified Twitter user gets a balance, it could be used to send money “anywhere in the system”, so there could be everything from tips to other users to systems to pay for video content. .
He believes that having money on Twitter will be more profitable than having it in the bank:
Twitter will set up a high-yield money market account so that having a Twitter balance is the most profitable thing you can do, instead of having the money in the banks’ “complex and expensive” system of traditional credit cards, checking accounts and savings.
For places that don’t accept Twitter payments, Musk says you’ll get a debit card tied to your balance and even traditional checks should the user want it.
[…] we will be the financial institution of the people.
To make it happen he will have to overcome certain legal hurdles, but they are already seeking a money transmitter license in Washington.
In any case, let’s not forget that one thing is what Elon Musk says, and another thing is what he does, so we will have to wait to see how these plans become reality.
