X Partners With Visa To Launch X Money: Musk’S Bold Move Into Payments
— written by Chris on Feb. 1, 2025, 7:15 p.m.
Elon Musk’s social network X is moving closer to becoming a financial platform with a new partnership. The company announced a collaboration with Visa to power person-to-person payments for its upcoming X Money product.
X will use Visa Direct, Visa’s real-time money transfer solution, to load funds into X Money wallets, connect to debit cards, and allow users to move money back to their bank accounts. While the partnership has been revealed, the product itself is not yet launching.
Linda Yaccarino, X’s CEO, described the partnership as the first of "many big announcements" regarding X Money in 2024. The company has been working toward this goal for a while, securing money transmitter licenses in more than 40 U.S. states for its X Payments subsidiary.
Musk has long envisioned turning X into a financial hub, discussing plans to allow users to tip creators and earn high yields on their X Money balances. App researchers have found traces of X Money code suggesting functionalities for loading funds and making payments. However, reports indicate that X Money may not be available in all U.S. states at launch.
This move sets the stage for X to challenge established players like PayPal, Venmo, and Cash App. However, key questions remain: Will users trust a social media company with their money? And how will X differentiate itself in a competitive fintech space?
Comments