Elon Musk’s X takes first step toward ‘everything app’ with Visa deal

X, the platform formerly known as Twitter, announced its first foray into financial services in partnership with Visa.

The initiative introduces the X Money Account, a digital wallet allowing users to transfer funds, make peer-to-peer payments, and connect with traditional banking. Visa will power these features, enabling users to manage their money directly on the X platform.

CEO Linda Yaccarino confirmed the partnership in an official announcement, describing the development as a step toward building a financial ecosystem within the platform.

The X Money Account is slated for launch in the first quarter of 2025.

Despite its historical interest in the technology, the platform did not mention crypto or digital assets in the announcement. It is unclear if the X Money Account will support crypto transactions in the future.

Social Media to Finance

The development aligns with Elon Musk’s vision of transforming X into an all-encompassing “everything app.” When Musk acquired Twitter in 2022 for $44 billion, he hinted at plans to incorporate robust financial tools.

X Money represents the first significant move in this direction, aiming to integrate seamless payments and banking functionalities into the platform.

The company has already secured licensing in 41 US states and is registered with the Financial Crimes Enforcement Network (FinCEN), ensuring compliance with regulations governing money services.

This legal groundwork allows X to facilitate financial transactions while expanding its offerings.

New opportunities for users

X’s push into finance builds on its history of innovation. Under former CEO Jack Dorsey, the platform introduced Bitcoin tipping in 2021.

The launch of X Money marks a significant evolution of that foundation, which will now focus on broader financial services. The X Money Account will allow creators on the platform to accept payments and manage funds without third-party institutions.

Sources familiar with the rollout told CNBC that additional partnerships with financial institutions are being developed to enhance the service following its launch. However, they did not provide further details.

Musk’s ambitions for X extend beyond basic financial services. He has previously suggested that X Money could evolve to include features like high-yield accounts, further solidifying its role in users’ financial lives.

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