Social media platform X has announced a partnership with Visa in preparation for the upcoming launch of a digital wallet and peer-to-peer payments service later this year.
In a post on the site previously known as Twitter, X CEO Linda Yaccarino revealed that Visa will be the first partner for the @XMoney account. This account will facilitate instant funding of X Wallets through Visa Direct, allow users to link their debit cards for P2P payments, and provide the option to transfer funds to bank accounts instantly.
Visa confirmed the collaboration, stating: "Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card."
Elon Musk, the owner of X, has expressed his ambition to transform the platform into an "everything app," where users can manage their entire financial life. In an October 2023 all-hands meeting, Musk mentioned, “When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform.”
The company is actively working to secure money transmission licenses across the United States in preparation for its entry into financial services. Yaccarino has indicated that there will be "many big announcements about X Money this year."
This expansion comes amidst Musk’s ongoing efforts to improve the financials of his $44 billion acquisition. According to a recent email to staff reported by the Wall Street Journal, Musk noted that growth on the platform is "stagnant," revenue is "unimpressive," and emphasized that the company is "barely breaking even."