Twitter has filed paperwork with the U.S. Financial Crimes Enforcement Network (FinCEN) to start a payment business. Tesla CEO and Twitter chief Elon Musk explained the social media platform could offer \u201can extremely compelling money market account\u201d in addition to \u201cdebit cards, checks, and whatnot.\u201d Elon Musk Shares Ideas for Twitter\u2019s Payment System Twitter Inc. filed registration paperwork with the Treasury Department\u2019s Financial Crimes Enforcement Network (FinCEN) to allow it to process payments, The New York Times reported Wednesday, noting that it has seen the filing. During a Twitter Spaces audio podcast on Wednesday, Tesla CEO and the new Twitter boss outlined a comprehensive overview of Twitter\u2019s business. During the broadcast, he described how the social media company plans to \u201cenable monetization for creators.\u201d Musk then shared his ideas of how verified users who pay an $8 monthly subscription to Twitter will be \u201cauthenticated by the payment system,\u201d elaborating: Now we can say like, ok, you\u2019ve got a balance on your account, do you want to send money to someone else within Twitter? \u2026 And maybe we pre-populate their account with and say, ok, we\u2019re gonna give you 10 bucks, and you can send it anywhere within Twitter. Users with authenticated bank accounts attached to their Twitter accounts will be able to \u201cexit out of the system\u201d and transfer their Twitter balance out of the platform, Musk explained, adding: Then the next step would be to offer an extremely compelling money market account to get extremely high yield on your balance. Twitter could then add \u201cdebit cards, checks, and whatnot,\u201d the Tesla and Spacex boss noted. Operating a payment business would make Twitter a competitor to Paypal, a company Musk helped found. Musk previously said that he wanted to build X, the everything app, and Twitter will likely accelerate the creation of X by three to five years. Do you think Twitter should become a payments business? Let us know in the comments section below.