Moving towards its aim of becoming an everything app, microblogging platform X has announced a partnership with digital payments network Visa. This association will help X to launch its digital payment service, X Money. Under this plan, the Elon Musk-owned company primarily aims to provide a ‘digital wallet’ and ‘peer-to-peer payments’ within the X app.
X CEO, Linda Yaccarino, announced that X Money will be launched later this year. Meanwhile, Visa has officially become the first partner for this upcoming service. Once launched, X Money will offer an instant bank account transfer option that links to Visa debit cards.
Users will also be able to load money into X Money’s wallet. The company will use Visa Direct, a solution for real-time money transfers. They can also transfer money back to their bank accounts. Venmo, Block’s Cash App, and Zelle are considered prominent rivals for the upcoming X Money service in the US.
“Visa Direct will make it possible for U.S. X Money account users to fund and transfer money in real-time with their debit cards,” Visa confirmed in its post. Interestingly, while announcing the Visa partnership, X CEO Linda Yaccarino stated that this is the “first of many big announcements about X Money this year,” hinting that several other updates will be coming soon.
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
However, the move isn’t surprising, as Musk has been vocal about his vision for an everything app, including adding financial services to X, from the very first day after acquiring Twitter (now X) in October 2022. The company has reportedly already started applying for and obtaining the required payment service provider licenses in several US states for its subsidiary, X Payments. Reports suggest that the company has currently secured licenses from around 41 states.
In the meantime, there are several speculations that X Money is set to debut in the first quarter of this year, initially focusing on creator payments. This feature will reportedly allow creators to receive payments for their monetized content. With this service, they can store funds directly on X, eliminating the need to rely on third-party services.
Speaking of its transformation into an ‘everything app,’ X is also positioning the platform as an alternative to TikTok, as the popular short-video app still faces an uncertain future in the US. Recently, X introduced a dedicated ‘Play Button’ for a TikTok-like vertical video feed for users in the United States to enhance the video viewing experience within the app.
