Elon Musk registers Twitter payment service to battle Paypal's dominance

A copy of the registration paperwork submitted by Twitter Inc to the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department was sighted by The New York Times.

According to Musk, there is a plan to integrate an enormously appealing money market account on the app and also, introduce the use of debit cards, cheques, and other financial products on the app.

This aims to rival Paypal, a top payment service platform co-founded by Musk which currently sits as one of the top platforms in the list of international payment services.

Ever since Elon Musk took over ownership of Twitter, there have been moves to convert the popular app from a regular online interaction app to an income-generating product.

One of the major changes he introduced recently was the monetization of the verification tag, a special tag for verified accounts on Twitter.

The tag which came free before the acquisition has now been pegged at an $8 monthly fee plus other benefits.

During a recent Twitter Spaces audio podcast, Musk thoroughly explained the company’s operations and also revealed how Twitter planned to allow monetization for creators.

With the introduction of the payment service via the app, Musk has revealed that the new feature would help certified users get authenticated immediately on the app as the payment feature would be used to receive funds from verified Twitter users.

The feature would also be able to support cash transfers to another account within the app as users can have accounts which would act as wallets

Meanwhile, some other users who have bank accounts linked to their accounts on Twitter have been given the option of leaving the system and also, able to transfer these funds out of the website.