Elon Musk’s X Gets Into Financial Services With Visa Partnership - Details

In a significant move towards expanding its ecosystem, Elon Musk 's social media venture X has unveiled plans for the X Money Account, featuring a digital wallet and peer-to-peer (P2P) payment services in partnership with Visa. CEO Linda Yaccarino confirmed the collaboration in a recent platform post, marking Visa as the exclusive launch partner for the new offering.

Yaccarino emphasized the capabilities of the X Money Account, stating, "Visa will enable X users to move funds between traditional bank accounts and their digital wallet and make instant peer-to-peer payments, like with Zelle or Venmo." This initiative aims to provide users with secure and instantaneous financial transactions directly from their X Wallet, powered by Visa Direct.

Her Post reads, “"Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.
💰 Allows for secure + instant funding to your X Wallet via Visa Direct
🪪 Connects to your debit card allowing P2P payments
🏦 Option to instantly transfer funds to your bank account
First of many big announcements about X Money this year. LFG."
 

Visa also expressed enthusiasm about the partnership, affirming on X, "We're excited to partner with @XMoney on the launch of X Money Account. Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card."
 

The announcement signifies a pivotal step for X in enhancing its platform capabilities, promising additional updates and expansions under the X Money umbrella throughout the year.