Elon Musk plans to integrate a money transfer system into Twitter

According to the latest news, cryptocurrency payments will not be introduced on Twitter soon (and it is not yet known whether it will happen at all) — the social network has applied for the status of a money services company. Thanks to the Payments Biz license, Twitter will be able to provide fiat money transfer services.

Yep, Twitter Payments LLC registered with FinCEN a few days ago as a money transmitter. You can verify its registration on FinCEN's search page: https://t.co/cKJ9rCpd2F pic.twitter.com/7zo8tWDdmq

— John Paul Koning (@jp_koning) November 9, 2022

There is information that Musk plans to turn Twitter into a universal application that will integrate a money transfer system. The billionaire has developed a plan to improve Twitter based on the example of the Chinese platform WeChat, which works not only as a social network and an application for correspondence and video communication, but also as a payment system for banking transactions. It is worth noting that Elon Musk is a co-founder of the PayPal payment system and its former director, so the possibility of introducing transfer services on Twitter is more than real.

As for cryptocurrency payments on the social network, a few days ago it became known that Elon Musk suspended the development of a cryptocurrency wallet on Twitter. According to Jane Manchun, a former Twitter employee, the wallet was supposed to support deposits and withdrawals for social network users. Before Musk’s arrival, the platform did not disclose additional information about the crypto wallet’s functionality.