Elon Musk’s X is finally getting ready to launch the payment app the board has long been promising. X’s CEO Linda Yaccarino has announced a partnership with Visa to integrate its services into X Money. In other words, Visa is the first partner for the upcoming X Money Account.
As the project is getting more attention now, the company can eventually launch X Money later this year. Yaccarino explains that X Money will let users send money to each other using their debit cards, with the option to transfer funds to a bank account, similar to Venmo’s services. The service will also include an “X Wallet,” where users can deposit and store their money.
Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.
— Linda Yaccarino (@lindayaX) January 28, 2025
💰Allows for secure + instant funding to your X Wallet via Visa Direct
🪪 Connects to your debit card allowing P2P payments
🏦 Option to instantly…
The X Money Account is part of Elon Musk and CEO Yaccarino’s plans to turn X, formerly Twitter, into “Everything App”. Last year, Yaccarino said the company planned to add banking and payment features for users. Musk has also said he wants people to manage all their finances through X.
So, X Money has long been on a plan since the acquisition of the company when Elon Musk envisioned transforming the company into an “everything app.” He envisioned integrating a wide array of services, including messaging, social networking, and financial transactions.
Notably, X Payments has been working to get regulatory approval for its payment system since Musk acquired the social media company in 2022. So far, it has secured money transmitter licenses in 41 states, a big step towards becoming a full financial service provider.
The ideal of “everything all” seems to come from the needs to find new ways to earn money as advertising revenue, which was once its main income source, has dropped since Musk’s arrival. So, to diversify its revenue stream, Elon Musk is working on divers range of services that can be used within X’s website and app.
X has planned to launch a digital dashboard for the X payment on its website and app. This will let the company to expand its financial services and let users manage payments, send and receive money, store funds, and track past transactions in one place.
