X Money will launch with the X Wallet later this year, and will allow users to link their digital wallet with their bank account and debit card to transfer funds to and from their bank account, as well as make peer-to-peer payments
Social media platform X has unveiled a partnership with Visa, aiming to launch a digital wallet for instant payments on the site.
Linda Yaccarino, X’s chief executive, announced on the platform that Visa is the inaugural partner for X Money, which will debut with an X Wallet later this year. This system will allow users to connect their digital wallet with their bank account and debit card, enabling fund transfers and peer-to-peer payments.
This marks X’s maiden venture into financial services, aligning with owner Elon Musk’s long-term vision of creating an “everything app” – a one-stop-shop for social media, entertainment, online shopping, communications and more.
In her announcement post on X, Ms Yaccarino hailed it as “another milestone for the Everything App”, adding that the X Money account would “debut later this year”. “First of many big announcements about X Money this year,” she stated.
As per US reports, X Money is slated to launch in the first quarter of this year, initially serving creators on the platform by allowing them to store funds from posts and accept subscriber payments without third-party involvement. Visa has yet to comment on the announcement.
