Ina Steiner EcommerceBytes Blog
News and insight focusing on ecommerce.
by Ina Steiner, Editor of EcommerceBytes.com
Sat Nov 12 2022 21:21:12

Would You Use Twitter Payments?

By: Ina Steiner

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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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This user has validated their user name. by: Bill

Sat Nov 12 23:59:12 2022

I do not trust TikTok but I would trust twitter.

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This user has validated their user name. by: Rexford

Sun Nov 13 07:33:47 2022

LOL   The story of Twitter will certainly be a Harvard case study one day.  Appropriate titling would be "How to Ruin a Company in Ten Days".

What a hot mess.   There are certain so called "geniuses" who might have a vision for technology but they are in no way cut out to run a company and that is doubly the case if they do not have the people skills to do so.  Another billionaire who thinks he's God.

And to answer the question, a resounding NO!

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by: GetAGrip This user has validated their user name.

Sun Nov 13 08:13:56 2022

No way

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by: quirkyantiques This user has validated their user name.

Sun Nov 13 10:08:41 2022

A hard NOPE

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by: TomH This user has validated their user name.

Sun Nov 13 11:40:28 2022

Why not if it is set up to sell stuff there also.  Certainly not TikTok

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by: AddyUp This user has validated their user name.

Sun Nov 13 12:12:11 2022

What's Twitter?

And the only Musk I know was in Deputy Dawg. A rat if I remember right.

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by: Snapped This user has validated their user name.

Sun Nov 13 15:17:43 2022

In Musk We Trust?  No, but thanks for thinking of ‘us’.

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This user has validated their user name. by: toolguy

Sun Nov 13 23:57:34 2022

I see no reason why not.

I trusted his Paypal and still do

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by: moiv This user has validated their user name.

Mon Nov 14 00:11:50 2022

Since watching what Musk has done in the last two weeks?

No, I would not dream of using Twitter payments with him in charge..

Nope.

Never.

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by: Whatever This user has validated their user name.

Mon Nov 14 01:52:06 2022

oh hell no - handle My money - I don't think so

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by: Marie This user has validated their user name.

Mon Nov 14 02:05:52 2022

I would not even consider it.

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by: comments This user has validated their user name.

Mon Nov 14 02:28:43 2022

You guys are aware that Elon Musk helped to found paypal right? Most of us have him to thank for our success.

The early success of both ebay and paypal essentially opened the door allowing micro businesses to compete in an arena dominated by big box stores, and ultimately changed how commerce works period.

Say what you will but Elon's mark on the internet was a further expansion of capitalism. It allowed someone with nothing but a good idea to become a millionaire. It wasn't that long ago where the hierarchy was if you were born poor you were pretty much guaranteed to die poor, where one couldn't rise above their station.

His ideas further went on to literally reinvent the wheel (with the rest of the car attached lol). Anyone who has ever had a battery fail to hold a charge knows how dumb electric cars are....but desperate for a "green" alternative the entire auto industry is being replaced with electric cars.

He revolutionized the space industry with SpaceX betting everything on the ability to reuse rocket boosters and save money.

He revolutionized e-commerce, space travel, and my money is on him to revolutionize social media (though I doubt his goal for twitter has much to do with social media). The stuff about free speech is just him trolling the sector of the internet who can't stand to hear anything they don't like.

Elon Musk, Bill Gates, and Steve Jobs took us out of the stone age. Before them technology was at a virtual stand still since electricity was invented. Give credit where it is due even if you don't like the arrogance of the type of mind it takes to change the world.

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by: Marie This user has validated their user name.

Mon Nov 14 02:30:53 2022

I do remember he was involved in PP.  But I also think he has changed quite a bit in the last few years.  And with the way he is just tearing up Twitter with little regard to the ramifications, I'm not about to let him get control of my money at this time.

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by: Chicago48 This user has validated their user name.

Mon Nov 14 06:31:56 2022

Musk (as I recall) has Asperger's or Autism and this is kind of typical.  They're all over the place with ideas and innovations.  Many times not completing them, or getting it right takes a long time.  If I were an investor or on the board of Tesla, I would be concerned about Musk leadership.  Tesla is losing value and it has the MOST recalls of all cars.  SpaceX is OK, but all his other ventures including Solar City seemed to have stalled.  Nope, I wouldn't trust my money to TW.  I'll stick with Paypal.

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by: Chicago48 This user has validated their user name.

Mon Nov 14 06:34:25 2022

but desperate for a "green" alternative the entire auto industry is being replaced with electric cars.
^^ Not "all".  Toyota is on the sidelines.  EVs have a longggg way to go.  Watch Youtuber Scotty Kilmer, the car guy.  He hates Teslas.

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by: Marty2020 This user has validated their user name.

Mon Nov 14 07:11:12 2022

I would, more than PP.

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by: METALDAD2112 This user has validated their user name.

Mon Nov 14 07:22:19 2022

ELON (Hell Yeah) Over the 1000% onesided ZERO (NO) NONE ~ NOT A TRICKLE Of Protection 2 sellers purposely non-transparent --- "Monopoly of PayPal" (ANY DAY!!  ~ I can only hardly wait & dream of the day ... Money exchanged should be equally commissioned to both buyer + seller & FEEDBACK EQUALLY BY EA 2 Create a trustworthy buyer-seller transaction viable History ...
 

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by: I_Fix_Dolls This user has validated their user name.

Mon Nov 14 09:02:09 2022

I have used Paypal since it started, I don't think Elon is a part of running it anymore. I have other payment processors that I have dependable service from, never lost a payment, like Stripe and Amazon Pay. So, no thanks on Twitter. I'm good.

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This user has validated their user name. by: toolguy

Mon Nov 14 09:11:46 2022

@Marie

" And with the way he is just tearing up Twitter with little regard to the ramifications"

He bought it, its his to tear up if he chooses to do so.

He doesn't have to answer to anyone when it comes to Twitter, there's NO stock holders to answer to.

You don't become the worlds richest man by being stupid. . . . .

Perminate Link for Would You Use Twitter Payments?   Would You Use Twitter Payments?

This user has validated their user name. by: toolguy

Mon Nov 14 09:13:42 2022

@Chicago48

Scotty Kilmer is a NUT

He's predicted that every car company is going out of business!

He's been doing this for years. . . .He hates all cars!

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