Elon Musk's social network X has partnered with Visa to facilitate person-to-person payments for its forthcoming X Money product. Utilizing Visa Direct, users can load money into their X wallet, connect to debit cards for transactions, and transfer funds back to their bank accounts. This announcement marks a significant step towards Musk's vision for X as a comprehensive financial instrument. Currently, X holds money transmitter licenses across over 40 U.S. states, preparing for the anticipated launch of X Money, which is expected to evolve the platform into more than just a social network.
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
Musk first started talking about a vision for making X a financial instrument right after he took over the company. At that time, he talked about using the platform to tip creators and get a high yield from the balance held within X.
Since that live talk on the platform, X has been obtaining money transmitter licenses in the U.S. states for its X Payment Subsidiary. At the time of writing, the company had these licenses in more than 40 states.
App researchers have also found traces of code related to X Money multiple times now describing the functionality of being able to load the money into a wallet on the platform and pay other users.
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