12/15/2022 | Crypto News Flash
Elon Musk to build payment app to compete with PayPal - Will Dogecoin be the native currency?
The billionaire wants to integrate payment solutions on Twitter to rival PayPal weeks after he acquired the social media platform.
Elon Musk’s Twitter acquisition sparked an uptrend in DOGE’s price as many predict that the token will play a critical role in his new company.
After acquiring Twitter following a long-drawn process, the CEO of Tesla, Elon Musk, recently hinted at breaking PayPal’s domination in the digital payment ecosystem. The billionaire is working on a payment solution to rival all of PayPal’s features. In a Tweet response, the tech entrepreneur hinted at a possible payment solution that the microblogging site is considering.
Accordingly, the new Twitter owner noted that users could send and receive money on social media once completed. However, the new move would involve using conventional banks, as users will have to transfer the funds to confirmed accounts. In addition, the new system will come with a high-yield money market account to incentivize users to deposit their funds with Twitter.
According to Musk, the updated blue tick subscription is designed to support the creator ecosystem, as the paid verification would signal the development of a payment system on Twitter. With the paid verification mechanism, the billionaire noted that payments on Twitter would be secure and devoid of fraud. In addition, Twitter Blue users are required to sign up for a credit or debit card if they have none.
When completed, the platform will process their payments through the in-app purchase system, which will reflect on their balances. Furthermore, the Twitter owner discussed the scalability of the new payment system by describing how users could transfer their cash at any given time. Twitter could also make a small donation to account holders to prompt them to make further deposits and transfers.
Speaking about PayPal, Musk described the digital payment platform as a “Black Magic” enterprise, which he likened to the British television program “Black Mirror.” The Tesla owner stated that PayPal typifies a dystopian entity with its rigid control over how users utilize its platform. Interestingly, Musk was not alone in his assessment of PayPal, as other former executives criticized the payment form for its discrediting actions.
One of the former executives of PayPal regarded the increasing freezing of funds as totalitarian. PayPal has been under the spotlight recently after its controversial introduction of a $2,500 fine in October. The penalty, according to the payment company, is targeted at users who share risky contents that promote misinformation to other users.
Will DOGE become the new Twitter token?
Elon Musk’s Twitter acquisition sparked an uptrend in the price of the digital meme currency, Dogecoin, as many predict that the token will play a critical role in his new company. As the most visible and vocal supporter of the canine cryptocurrency, Musk holds the key to Dogecoin’s revival, which has continued to lag behind its rival, Shiba Inu.
However, the new move to integrate payment solutions into Twitter has generated heightened expectations in the Dogecoin community. With a new payment plan to rival PayPal, Musk can pull another magic ace up his sleeve and make Dogecoin its native token.