X Partners with Visa to Launch X Money Payment System

Elon Musk's social media platform, X, is set to launch X Money, a digital wallet and peer-to-peer payment service, later this year in collaboration with Visa. CEO Linda Yaccarino announced that the service will allow users to transfer money to and from their bank accounts, facilitating instant transactions with linked debit cards via Visa Direct. This initiative is part of Musk's vision to transform X into an 'everything app' that integrates various services, including financial transactions. The company has already secured payment transmission licenses across 41 states, laying the groundwork for its financial services expansion. As X Money aims to compete with established rivals like Venmo and Zelle, Yaccarino hinted at further announcements regarding the service in the coming months. This move reflects X's strategy to diversify its offerings and enhance user engagement amidst reported financial struggles.