Twitter Payments

Twitter Payments

A friend asked maine a mobility nan different day: ‘If Twitter were to monetize itself utilizing payments, what would beryllium nan earthy method of going forward?’

Interesting question. One that I americium judge a batch of group So here’s my return connected that.

Twitter is simply a immense platform. It has nan expertise to nonstop micro messages, which is fantastic; it has Spaces wherever you tin big aliases subordinate unrecorded audio conversations and discussions. The level is utilized by hundreds of millions of group a day.

I deliberation it’s only earthy that Twitter will look astatine P2P payments (person-to-person payments) aliases Twitter account-to-Twitter relationship payments connected nan level arsenic clip progresses. I deliberation it will beryllium nan adjacent large thing.

Fending disconnected Competition

Twitter is successful a tight title pinch galore incumbents. The salient ones are Facebook, WhatsApp, Instagram, Youtube, and TikTok. There is nan occasional threat from blockchain-based decentralized platforms for illustration Mastadon, etc., but they person yet to beryllium a noticeable blip connected nan societal media radar.

Tipping connected Social Media

Circa 2005, Second Life had thing called a tip jar wherever you’d beryllium capable to extremity different users and their avatars. For instance, if location was an avatar successful a barroom and they were serving you drinks, you could extremity them by conscionable pointing astatine nan extremity jar and putting immoderate money successful it.

To extremity wrong Second Life, you had to bargain Linden Dollars (or L$ arsenic they were denoted), nan rate utilized successful Second Life. Tipping became truthful communal successful Second Life that it became a measurement of appreciating different people. Tipping is really you were rewarded if you took a taxi thrust aliases personification did immoderate building for you aliases sold you immoderate skins for your avatar.

For example, erstwhile it launched, Quora had thing called Quora Credits. You earned Quora credits for each upvote you got, which was nan rate wrong nan Quora system. On Reddit, you person Reddit coins, and those tin beryllium purchased and talented to others users for their content. You tin springiness gold, silver, and galore different coins to show each different your appreciation.

Introducing Twitter Micro Payments

Today, connected Twitter, you tin for illustration aliases retweet a tweet astatine best.

But what if someone’s putting retired a valuable contented thread? You and I should beryllium capable to extremity them connected what we deliberation is bully content.

I should beryllium capable to springiness them 20 cents aliases 50 cents aliases $. The extremity is that Twitter should look astatine mini worth payments aliases micropayments.

Micropayment could beryllium arsenic mini arsenic a 10th of a cent and arsenic precocious arsenic $10, $20, aliases moreover $50 astatine maximum. With this, Twitter tin commencement an ecosystem wherever content, information, aliases sentiment monetization tin start. You would person nan expertise to extremity different Twitter users. For example, personification who publishes a bully thread done which you’ve learned. Whether you are based successful Tanzania, Guatemala, aliases Vietnam, you could nonstop nan balanced of possibly 1/10th of a cent aliases 1/20th of a cent, aliases 1/5th of a cent to nan personification you’re tipping.

How Would Micro-Payments Work successful nan Twitter Ecosystem?

So, really would it work? Twitter would first request to get licenses successful definite jurisdictions, nan United States, Canada, nan EU (the EEA), nan UK, Australia, New Zealand, Singapore, Hong Kong, Japan, South Korea, nan GCC, etc.

In my opinion, Twitter should commencement pinch Fiat, not crypto. Why? Because it is nan astir straightforward and lowest-hanging consequence pinch nan slightest magnitude of objections successful position of licensing, regulations, etc.

Some pundits are saying Twitter should present DOGE successful their payments ecosystem. I disagree pinch that because nan regulatory and compliance hurdles are immense erstwhile you present cryptocurrency, particularly connected nan first go, and that excessively connected 1 of nan world’s largest societal media systems (Remember what happened to Facebook and their Libra project?).

Why would you want to skip 8 steps, spell for crypto immediately, and induce unwanted scrutiny?

Go nan Fiat route. It’s already there; it is what everyone understands; it transcends each boundaries, is compliant, and, astir importantly, is easy to implement. You want to commencement pinch nan simplest, nan lowest-hanging consequence that would origin nan slightest magnitude of objection, which successful this lawsuit would beryllium nan Fiat.

It’s my first recommended step. I deliberation Twitter would and should present mini worth and micropayments successful their ecosystem.

The adjacent measurement would beryllium to onboard users successful nan costs ecosystem. For example, really do you get a customer connected committee successful nan United States? Well, if you person a Twitter account, you tin verify it done a bluish tick. A bluish tick aliases a verified relationship intends you’ve been KYC’ed based connected your slope relationship that is besides successful your name, you’ve provided immoderate shape of identification, etc. You tin usage that aforesaid KYC’ed account, debit card, aliases slope relationship to load costs onto nan Twitter Wallet.

So now, each verified Twitter relationship besides becomes a Twitter wallet, and based connected nan magnitude of KYC accusation you supplied, that is nan limit of your wallet.

Now that you person already been KYC’ed by nan banking institution pinch which you person an account, Twitter is trusting nan strategy that nan KYC’ed relationship arsenic utilized by a Visa, MasterCard, aliases your slope relationship is bully capable for themselves to beryllium capable to supply you and a wallet connected their system.

This tin beryllium done successful nan US, nan EEA, nan UK, and different countries that tin besides travel suit. For example, if you’re a personification from Greece. You could motion up pinch Twitter Europe, unfastened an account, and usage a Greece-issued slope paper to load costs pinch a limit. The limits could beryllium successful slabs. The 90-day limit could beryllium $100, nan 30-day limit could beryllium $25, nan 60-day limit could beryllium $50, and truthful connected and truthful forth. This allows Twitter to power nan magnitude of money flowing done KYC’ed slope accounts and debit cards into their costs ecosystem, keeping them safe from coercion financing and money laundering threats.

Content creators will abruptly person a caller gross watercourse successful each shapes aliases forms that they person not seen before.

They will not person to trust connected third-party costs systems aliases offload nan costs mechanics extracurricular nan Twitter ecosystem. It’ll beryllium natively built-in. You tin nonstop money to immoderate Twitter relationship you wish.

Regarding nan costs of moving costs from, let’s say, Twitter relationship A to Twitter relationship B, it’s simply an soul transfer, a elemental ledger entry. There’s nary slope progressive arsenic such, it’s conscionable a equilibrium entry, a grounds of truth entry. So arsenic acold arsenic Twitter itself is concerned, nan balances move from Pat to John, aliases from Mary to Ali, and truthful forth. So this is simply a huge, immense use because it brings a batch of gross that will enactment successful nan Twitter ecosystem. And I deliberation this would beryllium nan correct approach.

With further customer balances and nan sheer size of Twitter, it tin yet connection different financial services. Think of a Twitter-branded VISA/Mastercard being capable to rumor virtual cards, etc.

Elon Musk is looking successful nan correct guidance regarding nan platform's monetization. Let's spot really it pans retired successful nan coming months.

In my opinion, this would beryllium nan astir earthy progression because it would allow, for nan first time, a very large-scale societal media beingness connected nan Internet, which they already do but pinch nan added functionality of payments.