When you thinkof X, you generally think of asocial media platformfilled with many different opinions and interests. Since Elon Musk acquired X,formerly known as Twitter, in 2022, his vision for the app has been to make it the “everything app,” and this newly announced deal brings that closer to fruition.
Linda Yaccarino, X’s CEO,recently announcedthat the social media platform has reached a deal with Visa to be its first partner for itsX Money Accountfeature, which will be coming later this year.
Thanks to its partnership with Visa, X users will soon be able to move funds between their bank account and digital wallet on X and make peer-to-peer payments. The functionality is similar to that of other digital wallet platforms like Venmo or PayPal.
Elon Musk says X is ‘barely breaking even’
X is facing a plethora of issues according to Elon Musk himself.
X has money transmitter licenses in over 40 US states
Though it’s unclear when X Money will launch this year
This move by X is entirely unsurprising. In 2022, after acquiring the app, Musk laid out his vision for it andtold advertisersthat the app would eventually let users send money to others on the platform and withdraw money from their bank accounts into a digital wallet.
An independent app researcher recentlyposted on Xtraces of code related to X Money. While not confirmed, the feature may not launch in all US states simultaneously. X has been acquiring money transmitter licenses from US states since 2023, with Muskconfirming the movesback then as “Progress.” According toX’s website, it’s registered in more than 40 US states, with a few notable exceptions being New York, Alaska, and Vermont.
While X’s CEO didn’t specify when X Money would launch,CNBC reportsthat it will likely become available in the first quarter of this year (before March 31). It’ll be interesting to see how many people use X Money as an alternative to popular payment apps like Venmo, Zelle, and PayPal. Whether X Money will turn things around for X financially is another matter. Recently, Elon Musk said that the app was “barely breaking even.”
