Elon Musk’s social media platform X, formerly known as Twitter, has announced a partnership with global payments giant Visa.
The collaboration will support X’s planned launch of a digital wallet and peer-to-peer (P2P) payments service later this year, according to Finextra.
The move is part of Musk’s broader ambition to turn X into an “everything app” that enables users to manage their entire financial life.
The X Money account, powered by Visa Direct, will allow instant funding of X Wallets, seamless P2P payments through connected debit cards, and the ability to transfer funds directly to bank accounts.
X has been aggressively working to expand into financial services, securing money transmission licences across the US.
CEO Linda Yaccarino has promised multiple major announcements regarding X Money throughout the year, highlighting the company’s commitment to payments innovation.
Visa, a global leader in digital payments, has confirmed the partnership, stating that Visa Direct will enable real-time fund transfers for X Money account users in the US.
The collaboration marks Visa’s latest move in strengthening its presence in the digital payments space.
Musk has previously outlined his ambitious vision for X’s payments ecosystem. In an all-hands call with employees in October 2023, he said, “When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
Despite these ambitions, X continues to face financial struggles. According to the Wall Street Journal, Musk recently told staff in an internal email that growth on the platform is “stagnant,” revenue is “unimpressive,” and the company is “barely breaking even.”
Yaccarino remains optimistic about the platform’s financial future, assuring users that X Money will be a key part of its expansion strategy.
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