Elon Musk's company X has announced a partnership with Visa to launch X Money Account, enabling peer-to-peer payments via debit cards and fund transfers to bank accounts. Set to debut later this year, this feature aims to enhance the app's financial services, a key element of Musk's vision for the platform post-acquisition in 2022. The partnership allows X to bypass lengthy state licensing processes, facilitating quicker service rollout. Musk envisions transforming X into a comprehensive app like China's WeChat, aiming to reduce dependency on advertising revenue.
Elon Musk's social media company, X, is partnering with Visa to introduce X Money Account, enabling users to make peer-to-peer payments with their debit cards.
The collaboration with Visa allows X to bypass state licensing requirements for money transfers, paving the way for financial services expansion.
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