Elon Musk's social media platform X announced on Tuesday the launch of a digital wallet and peer-to-peer payment services powered by Visa.
As part of a new partnership, Visa, the largest U.S. credit card network, will support the platform's new feature, called the X Money Account, CEO Linda Yaccarino shared in a post on X.
The integration will allow users to transfer funds between traditional bank accounts and their digital wallets, as well as make instant peer-to-peer payments, similar to services like Zelle or Venmo.
This marks X's first significant step toward building a financial ecosystem on the platform, which was previously known as Twitter before Musk acquired it in 2022. Musk has described the $44 billion purchase as a move to create an "everything app," envisioning a platform where users could manage their entire financial lives.
In 2021, under Jack Dorsey's leadership, X (formerly Twitter) introduced a bitcoin tipping feature, enabling users to link their crypto wallets and receive payments in the world's leading digital currency. However, achieving full status as a money service business in the U.S. has proven far more complex, requiring extensive navigation of regulatory frameworks.
For more than a year, Elon Musk has been securing the necessary licenses for X to operate in the financial space. According to its website, X Payments LLC is now licensed in 41 states and registered with the Financial Crimes Enforcement Network (FinCEN).
The new X Money service is set to launch in the first quarter, with additional partnerships expected, CNBC reported, citing an individual familiar with the plans. A key feature of X Money will allow creators on the platform to accept payments and manage funds without relying on external financial institutions, the source revealed.
