Elon Musk wants to make Twitter the online bank, but how realistic is that?
Elon Musk hasn’t made headlines since he took over Twitter, probably mainly because of his ambitious plans for the social network. In the past few days, the famous blue tick of supposedly official accounts has given a lot to talk about:
Fake Valve tweet with blue tick sparks conversation
But Twitter is poised for more change: In a conversation with the workforce, the new chief also talked about expanding video content in order to attract content creators to the platform. Of course, this also requires financial incentives, which brings us to Musk’s third and much larger plan:
We want Twitter to become more and more your go-to place every day for all your online endeavors. This includes Online Banking Features Such as transferring funds and the balance of your own account to make traditional banking institutions somewhat obsolete. Chinese platform WeChat has been pursuing a similar goal for some time.
This is how Twitter should function as a payment service provider
Musk becomes very specific about this. Registered users should be able to deposit money into their account, which can then be spent or sent anywhere in the Twitter ecosystem. Practical examples are also mentioned: donations to creators or activating a video behind a paywall. Both areas that Twitter wants to expand into in the future.
What about places outside of Twitter? Elon Musk would like to think about that, too. In such cases, users will get the traditional giro card which accesses the balance of the respective Twitter account. So you will also be able to pay at other places with your Twitter debit card.
Musk is self-confident as he put it:
We will be the financial institution of the people. When an employee asked him if that would even include making loans, Musk replied that it would
These essential elements cannot be missing if one wants to provide a comprehensive service.
Big plans, big obstacles
So is Twitter now a real bank? It remains to be seen for a number of reasons. First of all, Elon Musk is known for talking a lot but not realizing all of his ambitions. So there’s a good chance those plans will fizzle out and we’ll never hear about them again.
Second, even a large company like Twitter cannot simply call itself a bank. This requires a full set of licenses and in order to obtain them, a large number of conditions must be met. Certified service providers like Paypal or WeChat Pay can tell you a thing or two about it. Since each country has its own laws for this purpose, the implementation of the project is likely to take some time.
So don’t expect to be staring at your Twitter account balance next week. However, it cannot be excluded that the social network will in fact take its first steps towards the financial sector soon.
Want to know more about Elon Musk’s recent statements and plans on Twitter? You can find all the information about this in this article:
Elon Musk announces drastic changes to Twitter: user costs and layoffs
Now we are particularly interested in your opinion: Are you interested in the Twitter online banking job and are you going to use it? Or have you already rejected it and would rather stay with Paypal and Co.? Let us know your thoughts on the topic in the comments!
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