Elon Musk details his plan to turn Twitter into a bank

Elon Musk looking to transform Twitter, also into payment platform

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His objective is to make it possible for Twitter users to instantaneously and in-real-time send money to anyone in the world.

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Everyone who has verified their account on Twitter is given a balance that they can use to send money "anywhere in the system."

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The "complicated and expensive" system will get obsolete after finalizing it.

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for Instance, credit cards, savings and checking accounts, CDs, and similar products will be made obsolete.

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You will have "one balance on Twitter that can simply go positive or negative," according to Musk.

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Get debit card linked to your balance for use at merchants that don't take Twitter payments as well as conventional checks.

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The business is attempting to obtain a Washington money transmitter license.

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