Elon Musk talks about his ambitious idea to turn Twitter into a bank

as Verge is writing, Elon Musk Determined to turn Twitter into a bank. During the first face-to-face meeting with Twitter employees, Musk said that this social network can offer a high-yield account, bank card, checking and lending services.

Elon Musk began talking about financials in the early moments of the in-person session, saying the payment service was a “transformational opportunity” for Twitter. The ultimate goal, Musk says, is for Twitter users to be able to “send money instantly and in real time anywhere in the world.” Musk says the payment system is a high priority, along with “video content and a reward system for content creators” and improving Twitter’s internal search engine.

What will the Twitter that Elon Musk talks about be like? Imagine if all verified Twitter users had a digital wallet to store money and be able to send the desired amount “anywhere within the Twitter system”. In theory, such a system could be used to reward content creators or paid video views.

Elon Musk said Twitter is looking to launch a high-yield paid account “so that having money in a Twitter account is the most profitable thing you can do.” Instead of complex and expensive credit card systems at traditional banks, Musk says, “you’ll just have a financial account on Twitter that can go positive or negative.”

Elon Musk says that on platforms and locations that don’t accept Twitter’s payment system, it will be possible to use a credit card that connects directly to a Twitter financial account. The user can even access traditional checks.

When a Twitter employee suggested that Musk was apparently looking to turn the social network into a bank with services like lending, Twitter’s CEO and leader responded, “If you’re looking to provide a comprehensive service to people, you can’t miss the key elements.”

In a conversation with Twitter employees, Elon Musk tried to simplify the new financial system: “Payment systems are practically based on the exchange of information. From an informational perspective, there is not a huge difference between doing something like sending a private message and paying money.”

Musk says there are legal hurdles to clear before adding a payment system to Twitter, and the social network is trying to get permission to start a money transfer service in Washington. Unofficial reports say Esther CrawfordThe man behind Twitter’s new Blue service has been named CEO of the new Twitter Payments company.

We must not forget that there are major differences between saving user information and saving money. If your account is hacked and your private messages are exposed, you will definitely have a sad day, however, if your bank is hacked and your money is lost, you will have much bigger problems.

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Elon Musk is no stranger to managing risky companies. Today, he is the leader of companies that make cars and send rockets into space. Tesla and SpaceX could go down overnight if they make big mistakes, but these two companies currently have much more upside than Twitter. One of the most important differences is having managers and employees of the safety department.

Elon Musk has laid off nearly half of Twitter’s staff, including a large number of software engineers. It is said that as a result of the dismissal of these people, Twitter will face many problems to manage its services in the coming weeks. Rumors say that in recent days The Chief Information Security Officer, Chief Privacy Officer and Chief Compliance Officer have resigned from their positions.

At first glance, it is not expected that a large number of Twitter users want to use this social network as a bank. The idea of ​​turning Twitter into a bank is not entirely new. Musk has previously said that he plans to turn Twitter into an “everything application”. In fact, Mask seeks to turn Twitter into a kind of super-application like WeChat, so that different services such as messaging system, payment system, etc. can be provided in one place.

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