Elon Musk laid out his long-term vision for bringing payments to Twitter — which could include offering high-yield money market accounts and debit cards and peer-to-peer transactions — as the social media company filed paperwork with US authorities to become a financial services business.
The billionaire entrepreneur outlined his ideas for offering the services during a conversation with advertisers on Twitter Spaces on Monday.
In a signal that Musk is taking steps towards integrating some payments services into the platform, Twitter on Friday registered with the US Treasury as a payments processor, according to filings. Businesses involved in money transfers, currency exchange or cashing cheques are required to inform the Treasury’s Financial Crimes Enforcement Network.