Elon Musk’s ambitious vision for X as a Super App is taking another significant step towards X Money.
X partners with Visa to launch X Money
The social network has announced a strategic partnership with Visa to introduce P2P payments and a digital wallet system called the X Money Account.
The move marks X’s first foray into financial services, underscoring Musk’s long-term goal of creating a comprehensive ecosystem for social media, entertainment, e-commerce and financial transactions all within a single app.
Linda Yaccarino, CEO of X, revealed in a post on the platform that Visa is the inaugural partner for X Money, with plans to launch the service later this year.
Visa confirmed its involvement in a post on its own X account.
The X Money Account will leverage Visa Direct, Visa’s real-time money transfer service, to provide secure and instant funding for digital wallets.
Users will be able to link their debit cards to the wallet, facilitating peer-to-peer payments as well as seamless transfers to and from bank accounts.
Yaccarino called the Visa partnership a “milestone for the Everything App,” emphasising its role in building a unified financial and social experience on X.
X Money
This development builds on a January 2024 blog post from X, which outlined plans to introduce peer-to-peer payments within the year.
Initially, X Money will focus on empowering creators by allowing them to store funds earned from posting and receive payments from subscribers without relying on third-party platforms.
Musk’s broader vision for X includes integrating comprehensive communication tools and financial services into the platform, creating a one-stop destination for users.
In a post from July 2023, Musk stated, “We will add comprehensive communications and the ability to conduct your entire financial world.”
The introduction of X Money aligns with the growing trend of tech companies expanding into financial services.
It also positions X to compete with established digital wallets like PayPal, Venmo and Cash App.
However, X’s venture into payments is not without challenges.
Reports suggest that while the platform’s integration with Visa enhances its functionality, X’s financial health remains under scrutiny, with banks reportedly preparing to sell billions of dollars of X’s debt at a discount.
As X prepares to launch the X Money digital wallet, the move not only reflects Musk’s aspirations for an all-encompassing platform but also highlights the growing convergence of social media and financial technology.
With Visa as a partner, X is poised to redefine how users interact with payments and digital services.
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