Twitter has filed paperwork to bring payment processing to the platform, according to a report by The New York Times.
Elon Musk, Twitter’s new CEO, acknowledged the move in a livestream with advertisers on Wednesday morning, with the Times reporting that Musk “discussed a vision for Twitter to process payments, complete with connected debit cards and bank accounts.”
The documents were filed last week with the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, according to the report.
Musk, who acquired Twitter on Oct. 27 and is also the co-founder of PayPal, also said on Wednesday that Twitter’s new $8 monthly charge for a Twitter Blue subscription will set up users to segue into using the platform for payments and sending money between accounts.
“Now we can say you’ve got a balance on your account. Do you want to send money to someone else within Twitter? And maybe we pre-populate the account,” said Musk, according to the Financial Times, adding that users could link online bank accounts to Twitter. “Then the next step would be to offer an extremely compelling money market account to get extremely high-yield on your balance,” he said. “And then add debit cards, checks.” Musk didn’t offer specifics.
Twitter didn’t immediately respond to a request for comment.
