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,

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.

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