Visa Partners with X-Money, Advancing Elon Musk's Vision for an All-in-One App
In a significant development for the social media platform X, previously known as Twitter, Visa has been announced as the first partner for X-Money, a financial service initiative aimed at creating an all-encompassing application. This new feature will utilize Visa Direct to facilitate secure money transfers between X-Money accounts and allow users to withdraw funds directly to their bank accounts. Linda Yaccarino, the CEO of X, revealed these advancements in a recent statement.
As part of its evolution into an all-in-one app, X has previously integrated audio and video calling features, which were launched for premium subscribers in late 2023. The introduction of financial services, however, necessitates numerous regulatory approvals and conditions. Two years ago, the company initiated requests for authorization of payment services from U.S. authorities, and it currently holds licenses for money transfers across 41 states.
This isn't the first instance of X facilitating payments. Back in 2021, Twitter introduced a tipping feature that supported payments in Bitcoin, a move made under the leadership of former CEO Jack Dorsey. Following Elon Musk's acquisition of the platform in late 2022, the vision shifted towards transforming X into an all-encompassing service.
The upcoming X-Money feature will link with Visa debit cards, enabling users to make quick and secure transactions through Visa Direct. This service promises to facilitate fund withdrawals to Visa cards and accounts in mere minutes, with the expectation that X-Money accounts will be included in these transactions. However, it remains uncertain whether Mastercard or cryptocurrency options will be integrated into the platform in the future.
While Yaccarino has not specified an exact launch date for X-Money, it has been indicated that the service is expected to debut sometime in 2025. Reports suggest that it may become available within the current quarter, with additional partnerships anticipated alongside Visa. The initial functionalities of X-Money are likely to include peer-to-peer payments among X users and the management of X-Money balances independently of traditional financial institutions.
