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Elon Musk's X to Launch its first Digital Wallet in Partnership with Visa this Year

Elon Musk’s social media platform, X, is teaming up with Visa to create a new payment system that lets users send and receive money instantly.

By Aryan Sharma
New Update
Elon Musk's X to Launch its first Digital Wallet in Partnership with Visa this Year

Elon Musk’s social media platform, X, is teaming up with Visa to create a new payment system that lets users send and receive money instantly. This is a big step toward Musk’s plan to turn X into an "everything app" where people can do more than just share posts.

X’s CEO, Linda Yaccarino, announced that Visa will be the first partner for the platform’s new "X Money Account," which is expected to launch later this year. This service will allow users to create digital wallets on X and send money to others using their debit cards. Users will also have the option to transfer funds directly to their bank accounts.

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Yaccarino shared on X, "This is another big step for the Everything App. Visa is our first partner for the X Money Account, launching later this year. It will let you securely and instantly add money to your X Wallet using Visa Direct. You can link your debit card for peer-to-peer payments and instantly move money to your bank account. This is just the first of many exciting updates about X Money this year."

The idea of adding financial services to X was introduced soon after Musk took over the platform. With this new partnership, the service will likely start in the U.S. before expanding to other countries. However, reports suggest it will only be available in certain states at first.

The X Money service is planned to launch in the first quarter of the year, and X is working on more partnerships. According to CNBC, one of the main uses for X Money will be helping creators on the platform get paid and manage their earnings directly.

X Payments LLC, the company behind this service, is already licensed in 41 states and registered with the Financial Crimes Enforcement Network (FinCEN), which helps prevent financial crimes.

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Tags: Elon Musk