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Social media platform X has secured a partner agreement with Visa to provide a solution for peer-to-peer payments.
The landmark deal will enable users to connect their conventional bank accounts and digital wallets for additional functionality online. Crucially for X supremo Elon Musk, it is a huge step toward his ambition to deliver an ‘app for all’, in line with China’s WeChat.
In the vast Chinese market, WeChat is a one-stop shop combining social media and instant messaging with a mobile payment functionality, unlocking various commercial opportunities.
As reported by Reuters, payments giant Visa will be the first partner of the X money account which will allow instant transfers to the platform.
X CEO Linda Yaccarino confirmed the update earlier today, described as the “first of many big announcements about X Money this year.
Last month, she pledged that “2025 X will connect you in ways never thought possible. X TV, X Money, Grok, and more.
Musk continues to evolve his app offering
For Musk, this step was always part of the plan since the takeover of Twitter and subsequent rebranding as X and he has been pursuing the relevant licenses to establish X as a money service business.
This has been an ongoing process over the last year with various regulatory requirements to fulfil but now, according to its website, X Payments LLC is licensed in 41 states and registered with the Financial Crimes Enforcement Network, or FinCEN.
CNBC has indicated the X Money service with Visa will launch in the first quarter while further deals with more financial partners are anticipated, citing unnamed sources close to the ground.
One of the first key tests for X Money is to allow creators on the site to receive payments and hold funds without relying on external institutions, according to the same source.
As for Visa, why wouldn’t they be involved in such a potentially lucrative venture?
The company is vying with its traditional rival, Mastercard, to be the solution for various new digital payment services but in the evolving modern age, it also needs to be wary of the likes of PayPal, Apple Pay, and Google Pay and their offerings.
Image credit: Via Grok/X
