Twitter Is Said To Have Filed With FinCEN To Process Payments

Reportedly, Twitter has submitted papers with the Financial Crimes Enforcement Network (FinCEN) to start the registration procedure for accepting payments.

The social networking site submitted the application last week, according to a file acquired by The New York Times on Wednesday, November 9th.

According to the study, businesses must register with FinCEN in order to perform money transfers, exchange currencies, or pay checks.

Since acquiring Twitter a month ago, Elon Musk has restructured the firm and laid off half of its employees.

Musk introduced subscription options to the social media site in an attempt to increase money. According to the study, sophisticated payment systems might be another avenue for the corporation to make cash.

Prior to the purchase, Twitter launched financial services that enabled users to donate to content producers and charge subscription fees for content.

There is overwhelming consensus that Musk intends to transform Twitter into an all-in-one, payments-enabled super app.

Musk, who co-founded PayPal and is well-versed in the payments industry, has based his concept for a super app on China’s WeChat, which offers everything from social networking to banking to video chatting to payments.

While digital wallets such as Apple Pay and Google Pay have failed to gain popularity in the United States, Musk has said that Chinese users rely on WeChat to the point of living on it.

The report of the filing with FinCEN comes at a time when Musk said Twitter has seen a “massive drop in revenue” as companies have paused their advertising on the platform.

They did so in response to pressure from activist organisations denouncing anticipated changes to how Twitter would manage content after the acquisition.