|Sat Nov 12 2022 21:21:12|
Would You Use Twitter Payments?
By: Ina Steiner
Twitter's new owner Elon Musk outlined some ideas for offering payments services on the site during a presentation on Twitter Spaces on Wednesday, according to tech news site TechCrunch
: "The new Twitter owner suggested that, in the future, users would be able to send money to others on the platform, extract their funds to authenticated bank accounts and, later, perhaps, be offered a high-yield money market account to encourage them to move their cash to Twitter."
The Twitter payments news gave longtime tech reporter Owen Thomas a case of déjà vu. He reported in Protocol
that in 1999, Musk had shared with him plans to remake banking with a startup called X.com that then merged with another company and became PayPal. Thomas said Musk "talked up strikingly similar ploys in a Twitter Spaces chat" last week.
Since taking ownership of Twitter on October 27, Musk has shaken up the platform (an understatement), including making mass layoffs, and upsetting users in the process.
But to really understand what Musk may be thinking with regard to payments on Twitter, it's necessary to go back to a May article in Pymnts
, which reported, "Musk said he would like to turn Twitter into a super app that would merge its public forum with features like chat, picture and video messaging, Facebook-style news feeds and a variety of other social media functions - including payments as a primary function."
According to Pymnts, Musk pointed to China's messaging app WeChat as a model.
But he may have to contend with another social media site - TikTok
is making a big move into ecommerce in the US including adding fulfillment centers, according to Gizmodo
As online sellers, what do you think of the potential for selling on social media sites like Twitter or TikTok? And what platforms would you trust to facilitate payments?
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