One Step Closer: Elon Musk Partners With Visa To Launch X Money Digital Wallet
Elon Musk is preparing to launch its payment platform, X Money, later this year. This will be integrated into its micro-blogging site X, formerly known as Twitter.
Elon Musk is preparing to launch its payment platform, X Money, later this year. This will be integrated into its micro-blogging site X, formerly known as Twitter.
X announced its collaboration with Visa for the advanced payment system.
The new service promises “secure + instant funding to your X Wallet via Visa Direct,” said Linda Yaccarino, the CEO of the company on the social media platform.
X Money: Features
The new app-based wallet will allow users to make peer-to-peer transactions and quickly transfer money into their linked bank accounts. Users will be able to instantly transfer funds into their ‘X Wallet’ using Visa Direct. They will also be able to transfer funds to another wallet on the platform.
X Money will work with US-based payments firm Visa, and the service is expected to compete with apps like Cashapp, Venmo, and Zelle.
In addition to moving funds into the digital wallet, X Money will also allow users to link their debit card to their account.
X Money: Availability
Although nothing is official regarding its launch, the quick payment service is likely to roll out later this year. Musk had been working to release the in-app digital wallet in 2024, but missed the target.
X Money has already obtained money transmitter licenses in 41 US states, according to the information on the X Payments website. This regulatory approval is a major step toward the official launch of the service later this year.
X Payments LLC is also listed as a Money Service Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN).
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X- The Everything App
After acquiring the erstwhile Twitter in 2022, the world’s richest person vowed to make X the everything app. From making payments, making purchases, to messaging and other functionalities related to news and entertainment, Musk aims to make the social media platform a one-stop-for-all. Therefore, the launch of X wallet is a landmark towards that goal.
