Elon Musk’s Twitter/X has signed a deal with Visa to launch X Money, a payment service that will work directly on the social network and support instant bank transfers and P2P (person-to-person) payments.
By in words X CEO Linda Iaccarino, X Money will debut «later this year» and the partnership with Visa is «the first of many big announcements» planned for 2025.
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
According to the X Payments website, the social media transfer service was licensed to transfer funds in 41 US states and is registered with the Financial Crimes Enforcement Network. In June, Bloomberg wrote that X Payments will conduct banking operations with Citibank and has agreements with payment providers such as Stripe and Adyen.
At the time of acquisition of Twitter Elon Musk promoted launch of a payment serviceas one of the key steps to transform the social network into a «an app for everything», similar to China’s WeChat.
«When I talk about payments, I really mean the whole financial life. Everything that has to do with money will be on our platform. Money or securities or whatever. It’s not just sending $20 to a friend. You won’t need a bank account,» Musk said.
In fact, Elon Musk has a lot of experience with financial applications, as he helped create the online bank that later became PayPal.
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