According to CNBC, Elon Musk’s social media platform X is making its first major move into the financial services space through a new partnership with Visa. On Tuesday, X CEO Linda Yaccarino announced the launch of the X Money Account, a digital wallet and peer-to-peer payment service powered by Visa. This collaboration marks a significant step towards Musk's vision of turning X into an all-encompassing "everything app."
X Money account to enable instant peer-to-peer payments
The X Money Account will enable users to transfer funds between traditional bank accounts and their digital wallets, as well as send instant peer-to-peer payments similar to services like Zelle and Venmo. This functionality is set to expand the platform’s offerings beyond social media, integrating financial services directly into the user experience.
X’s ambitious vision for a comprehensive financial ecosystem
This move is part of Musk's larger plan to transform X, formerly known as Twitter, into a comprehensive platform where users can manage not only social interactions but also their financial transactions. Musk had envisioned such an ecosystem when he acquired Twitter for $44 billion in 2022. The company had already explored cryptocurrency features under former CEO Jack Dorsey, including a bitcoin tipping feature. However, the shift into traditional financial services requires navigating a complex regulatory environment, which Musk has been addressing for over a year.
Future of X Money: Opportunities for creators and financial growth
X Payments LLC, which oversees the new service, is licensed in 41 states and registered with the Financial Crimes Enforcement Network (FinCEN). The X Money service is expected to launch in the first quarter of 2025, with more financial partnerships on the horizon. A key feature of the new platform will be enabling creators to accept payments and store funds directly within X, bypassing traditional banking institutions. Musk has also hinted that future updates to X Money could include high-yield money market accounts, further solidifying the platform’s push into the financial sector.
