Elon Musk’s ‘Everything App’ dream: X partners with Visa for XMoney

In line with Elon Musk's plans to turn the micro-blogging platform X into an 'Everything App', Linda Yaccarino, CEO of X, has announced that the platform has struck a deal with US financial services giant Visa as its first partner to roll out digital transactions and e-wallet services on the app. She also revealed that the new ‘XMoney’ service will debut later this year.

Her post highlighted that it will link to the users’ debit card for P2P payments and offer the ability to transfer funds instantly to their bank account. Visa has also confirmed on X that the ‘XMoney’ account in the US will leverage Visa Direct for instant funding and real-time transfers through their debit card. The service is expected to debut in the US initially, with further expansion planned in the near future.

XMoney:

- It will allow users to instantly fund their X wallet using Visa Direct

- Connection to user’s debit card, enabling P2P payments like Venmo

- A feature to instant transfers directly to the user’s bank account

The move marks X’s first major step toward building a financial ecosystem for the platform. Elon Musk, the CEO of Tesla, described the $44 billion acquisition deal of ‘Twitter’, now known as ‘X’, in 2022 as a move toward creating an ‘everything app.’

Reports suggest that one of the initial features of XMoney will allow creators on the platform to receive payments and store funds directly, bypassing external institutions. It is expected that the XMoney platform will be integrated into the current X app, with signs of the new payment feature found in its code.

X has been securing money transmitter licences across multiple US states for its X Payments division.