Elon Musk Hints Of Building Payment App To Compete With PayPal
Elon Musk indicates that he is working on a Twitter payment processor which is going to be better than PayPal. When a twitter user questioned whether Musk would rediscover the payment system. To this post, Musk responded,
It’s gonna be great
— Elon Musk (@elonmusk) December 13, 2022
Elon Musk shared his idea about a new payment system
Elon Musk described his ideas for how Twitter should approach the payments industry. The new Twitter owner predicted that users would soon be able to send money to one another on the platform. However, funds could be transferred to confirmed bank accounts. Additionally, it provided a high-yield money market account as an incentive for them to deposit money with Twitter.
Musk described how Twitter’s updated Twitter Blue subscription’s support for a creator ecosystem. Also, the paid verification could pave the way for a payment system on its platform.
Elon Musk noted that Twitter’s paid verification programme would aid in its plan for payments. To help prevent fraud, Twitter Blue subscribers must sign up using a credit or debit card. Once it is done, their payments are processed through the in-app purchase systems of the app stores.
Musk continued by describing the scalability of this payment system and how Twitter could prompt users to transfer their cash balance once they had one. Even a small donation could be made to users’ accounts to get them going.
Musk said PayPal became a Black Mirror episode
Former PayPal executives, or the “PayPal Mafia,” have criticized the payments company for its recent debunking practices. One of the co-founders referred to the fund freezing as “totalitarian.”
Another co-founder Elon Musk claimed that PayPal had turned into an episode of the British television program Black Mirror, which typically depicts some sort of dystopian future in which technology controls society.
PayPal also controversially introduced $2,500 fines in October for users who disseminate content that poses risks to “user safety and well-being” or “promotes misinformation,” both of which were ambiguously defined.
Also Read: Jack Dorsey Reveals “Biggest Mistake” He Made As Twitter Head
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
