X is preparing to launch its long-awaited payments app, X Money, later this year with Visa as a partner. CEO Linda Yaccarino highlighted that the app will enable person-to-person payments via debit cards and include features such as fund transfers to bank accounts and an 'X Wallet' for deposits. The initiative aligns with Yaccarino and Elon Musk's vision of transforming X into an 'everything app' that encompasses financial services, though details on monetization and functionality are still pending as X navigates financial challenges.
The company will introduce later this year with Visa as partner, CEO Linda Yaccarino announced. X Money will support person-to-person payments via users' debit cards.
Bothe Yaccarino and X owner Elon Musk have long promised to bring financial services to X as they attempt to turn the platform into an 'everything app.'
Thus far, X Money sounds like it's a long way off from that vision, though Yaccarino said the Visa partnership is the 'first of many big announcements about X Money this year.'
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