Musk's X will soon let you send and receive money
What's the story
X, the social media platform owned by Elon Musk, is preparing to launch its payment platform, X Money, later this year.
The announcement was made by Linda Yaccarino, the CEO of the company. She said that Visa will be their first partner in this endeavor.
The new service promises "secure + instant funding to your X Wallet via Visa Direct," said Yaccarino.
The feature will allow users to make peer-to-peer transactions and quickly transfer money into their linked bank accounts.
Regulatory approval
X Money secures licenses in 41 US states
The upcoming payment service, 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.
A Bloomberg report in June 2024 had revealed that X Payments is working with Citibank and has signed agreements with payment providers like Stripe and Adyen.
Strategic direction
X Money aligns with Elon Musk's vision for X
The launch of a payment system fits perfectly with Elon Musk's vision to turn X into an "everything app."
Since buying Twitter (now X) in October 2022 for $44 billion, Musk has been vocal about his plans to develop the platform into a bank with high-yield money market accounts, debit cards, checks, and loan services.
He had once claimed it would be surprising if X hadn't launched financial services by end of 2024.
Service expansion
X Money to offer deposit feature, more partnerships expected
The X Money service will also let users deposit funds into an "X Wallet," according to Yaccarino's announcement.
She hinted that the collaboration with Visa is just the beginning of several big announcements about X Money this year.
However, it remains unclear whether the service will be directly linked to X's creator revenue sharing program or not.