If Twitter:
–starts charging $8 for verification to meet KYC (Know Your Customer) anti-money laundering requirements
–layers on #Ripple/#XRP
–restricts access to verified accounts
–now you have a profitable payment ecosystem from/to verified users anywhere in the world.
To make Twitter a payments platform like WeChat/TenCent you have to verify users.
It will disrupt the international remittance business and provide cheap banking services for the unbanked.
Would you pay $8 to let anyone send you money from anywhere in the world?
Without percentage-based transactional fees?
I bet a lot of merchants would.
If government at all levels permits payment by Twitter, and merchants get on board, and utilities, and employers
then:
-Visa/MC
-Western Union
-Moneygram
-Paypal
-retail banks
-credit unions
all have a big problem.
The above is an edited copy of posts I made on Twitter on this subject; it has been one of my most popular posts with hundreds of likes and re-tweets.