Elon Musk lifted the veil on Twitter’s latest developments in an advertiser call Wednesday, revealing one of the new Twitter chief’s goals is to enable verified users to send money to other users.
“Now we know that this is someone who has been authenticated by the conventional payment system, now we can say, ‘You’ve got a balance in your account, do you want to send money to someone else within Twitter?’”Musk explained the matter on a Twitter Space Q&A Advertising “And maybe we pre-populate their account and say, ‘Okay, we’re gonna give you $10 and you can send it anywhere within Twitter.’”
The Twitter boss previously mentioned rival Chinese app WeChat. This integrates financial transactions and communication into one. TweetingThat was October “buying Twitter is an accelerant to creating X, the everything app.”
Musk suggested that verified users could send money to anyone via Twitter. However, if the location of the desired destination is not within the app’s reach, they would attach a bank account and debit or credit cards to their Twitter account.
“Then the next step would be, ‘let’s offer an extremely compelling money market so you get extremely high yield on your balance,’”He continued, underscoring his goal to “make the system as useful as possible.”
Musk already has the app in his hands for just over two months. Forbes also reported that Musk expressed this goal to Forbes in June. “There’s no WeChat equivalent out of China,”He TelledThe publication was made at that time. “There’s a real opportunity to create that.”
On the call, he also spoke out in favor of monetizing creators’ content. “if we provide creators with the ability to post what they create on our platform and to monetize it at a rate that is at least competitive with the alternatives, then of course creators will post natively their content on Twitter.”