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Elon Musk’s social media platform, X, has announced a partnership with Visa to facilitate person-to-person payments for its forthcoming X Money service. Through this collaboration users can activate Visa Direct for real-time money transfers which will enable them to fund X Wallets as well as connect debit cards for peer-to-peer transactions and allow money movement back to their bank accounts.
X’s CEO, Linda Yaccarino, stated that Visa will spearhead the collaborative initiatives for the X Money Account, which is anticipated to launch later this year. She clarified that this announcement establishes the groundwork for several substantial developments in X-Money that are anticipated to transpire throughout this year.
Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.
💰Allows for secure + instant funding to your X Wallet via Visa Direct
🪪 Connects to your debit card allowing P2P payments
🏦 Option to instantly…
— Linda Yaccarino (@lindayaX) January 28, 2025
Elon Musk has disclosed his aspiration for X to evolve into a comprehensive “everything app,” modeled after the functional framework of China’s WeChat. X aspires to evolve into a comprehensive user platform by integrating messaging and social networking functionalities alongside payment capabilities.
X actively seeks money transmitter licenses in individual states throughout the United States to pursue its expansion targets. X operates under licenses in more than 40 states which establishes the foundation for its national payment service expansion.
Since 2020 U.S. digital payments have expanded because more people are using the internet while wanting easy P2P payment solutions. Visa maintains the expansion of its digital payment solutions to combat new competitor tech platforms including PayPal, Apple Pay, and Google Pay. Through its partnership with Visa X aims to seize opportunity in the rapidly expanding U.S. digital payments market.
As X continues to evolve under Musk’s leadership, the integration of financial services like X Money represents a pivotal step toward realizing the platform’s ambition of becoming an all-encompassing application, seamlessly blending social media with financial transactions.
