Elon Musk’s social media platform, X (formerly Twitter), has announced a strategic partnership with Visa to introduce a real-time payment service named “X Money Account” later this year. This collaboration marks a significant step toward Musk’s vision of transforming X into an “everything app,” integrating various functionalities such as messaging, streaming, and payments.
The “X Money Account” will feature an in-platform digital wallet, enabling users to conduct peer-to-peer payments linked to their debit cards and transfer funds directly to bank accounts. Powered by Visa Direct, the service aims to provide secure and instant transactions, initially rolling out to users in the United States.
According to Visa, which shared details about the partnership on X on Tuesday, the services will be powered by Visa Direct, the company’s instant money transfer platform, and will initially be available to X Money Account users in the United States.
It remains uncertain whether X Money will expand to consumers in other countries or involve additional payment partners in the future. Furthermore, an exact launch date for the service in the U.S. has yet to be announced.
This initiative aligns with Musk’s long-term goal of emulating China’s WeChat by creating a comprehensive mobile app platform that offers a wide range of services. X CEO Linda Yaccarino highlighted upcoming features like X TV and X Money in a recent post, emphasizing the platform’s commitment to expanding its offerings.
WeChat is a Chinese app that combines messaging, social media, payments, and more. It’s often called “China’s app for everything” because of its many uses. Users can send text, voice, and broadcast messages, make video calls, and share photos or videos. The platform also supports real-time location sharing, facilitating seamless coordination.
Its payment features enable users to send and receive money, pay bills, and even book hotel rooms. Additionally, WeChat’s mini programs allow for online shopping, while its service integrations let users order food, call taxis, and complete tasks like filling out customs declaration forms all within a single app.
The digital payments market has experienced rapid growth in the U.S. since the pandemic, leading traditional card networks like Visa and Mastercard to compete with tech firms such as PayPal, Apple Pay, and Google Pay. By partnering with Visa, X aims to leverage this trend and establish itself as a key player in the digital payments landscape.
X has been actively securing money transmitter licenses across the United States, laying the groundwork for integrating payment services into its platform. The company has obtained licenses in 41 states and is collaborating with financial institutions like Citibank and payment providers such as Stripe and Adyen. These efforts are crucial for offering comprehensive payment services and facilitating peer-to-peer transactions.
Despite the competitive and regulatory challenges, X aims to integrate various services and potentially expand to international markets and other payment partners. The platform’s move into financial services is seen as a strategy to create new revenue streams and mitigate potential future declines in advertising revenue.
Elon Musk’s vision for X extends beyond social networking, aiming to handle various aspects of users’ financial lives. He has previously stated that the platform could offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of allowing users to “send money anywhere in the world instantly and in real-time.”
The partnership with Visa and the introduction of the “X Money Account” represent significant milestones in X’s evolution toward becoming a multifaceted platform. As the company continues to innovate and expand its services, it remains to be seen how users will respond to these new offerings and how they will impact the broader digital payments ecosystem.
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