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‘X Money,’ a digital wallet and payment service, has been launched in partnership with Visa. (Image credit: X Money X handle)

Elon Musk’s X launches ‘X Money’ with Visa

India Blooms News Service | @indiablooms | Jan 29, 2025, at 09:04 pm

Elon Musk’s social media platform X has introduced its digital wallet and peer-to-peer payment service, ‘X Money,’ in collaboration with Visa.

CEO of X Linda Yaccarino announced the news in a post on X on Tuesday, confirming that the X Money account will debut later this year.

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…
— Linda Yaccarino (@lindayaX) January 28, 2025

Visa, one of the largest US credit card networks, reshared X CEO Linda Yaccarino’s update, emphasising that Visa Direct will enable US-based X Money account holders to fund their wallets and transfer money instantly via debit cards.

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. https://t.co/h1t0ofX9NE
— Visa (@Visa) January 28, 2025

When Musk acquired X (formerly Twitter) in 2022, he envisioned transforming it into an "everything app"—a multifunctional platform integrating messaging, social networking, peer-to-peer payments, and e-commerce.

Yaccarino described the launch of X Money as "another milestone" in realising that vision.

According to CNBC, Musk has been securing regulatory approvals for over a year.

X Payments LLC is now licensed in 41 US states and registered with the Financial Crimes Enforcement Network (FinCEN), as per the company’s website.

The announcement comes as X grapples with sluggish user growth and lacklustre revenue.

Acknowledging these struggles, Musk stated, “We’ve witnessed the power of X in shaping national conversations and outcomes,” but admitted that “our user growth is stagnant, revenue is unimpressive, and we’re barely breaking even.”

#X #ElonMusk #XMoney #DigitalWallet

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