X is on the verge of launching its payments platform, X Money, aimed for release later this year with Visa as a primary partner. This service will enable users to fund their wallets instantly and facilitate peer-to-peer payments, similar to existing platforms like Venmo. The push for a payment system aligns with Elon Musk's vision of transforming X into a comprehensive "everything app". The service has already secured licenses in 41 US states and has partnerships with banking and payment services like Citibank, Stripe, and Adyen. Additional announcements are expected soon.
The X Money service, launching later this year, promises secure and instant funding to users, positioning itself as a competitive P2P payments platform with Visa as its first partner.
Yaccarino stated the Visa partnership is just the start, indicating more announcements are forthcoming, highlighting the strategic importance of the payments platform in Musk's broader vision.
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