Social media platform X has announced a partnership with Visa as it prepares to launch a digital wallet and peer-to-peer payments service later this year. X CEO Linda Yaccarino revealed that Visa will be the first partner for the @XMoney account, which will allow users to fund their X Wallet instantly via Visa Direct, connect their debit cards for P2P transactions, and transfer funds directly to bank accounts. Visa has confirmed the collaboration, stating that Visa Direct will enable real-time money transfers for US-based X Money Account users.
Elon Musk has long envisioned transforming X into an “everything app” where users can manage their entire financial lives. During an October 2023 company-wide meeting, he expanded on this vision, emphasizing that X aims to handle all financial transactions, not just simple money transfers. He stated, “If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
In preparation for this financial services expansion, X has been securing money transmission licenses across the US. Yaccarino has hinted at several upcoming announcements regarding X Money in the near future. The push into payments comes as Musk faces challenges in making his $44 billion acquisition financially viable. Reports suggest platform growth has stagnated, revenue remains unimpressive, and the company is barely breaking even, according to an internal email obtained by The Wall Street Journal.