X Partners with Visa to Enhance X Money Wallet

X and Visa Partner for P2P Payments with X Money

X, the social network owned by Elon Musk, has revealed a collaboration with Visa to facilitate person-to-person (P2P) payments through its forthcoming X Money product.

Leveraging Visa Direct for Seamless Transactions

The integration will utilize Visa Direct, Visa’s real-time money transfer service. This will enable users to fund their X Money wallets, link a debit card for sending payments to others, and withdraw funds directly to their bank accounts.

Linda Yaccarino, CEO of X, declared the partnership as the initial step in a series of significant announcements concerning X Money planned for this year. Currently, the agreement is being publicized, with the product launch still pending.

X's Ambitions as a Financial Platform

Elon Musk initially articulated his vision for transforming X into a comprehensive financial platform shortly after acquiring the company. His initial concept involved enabling users to tip content creators and generate substantial returns on account balances held within the platform.

Progress on Regulatory Compliance

Following this initial announcement, X has been actively securing money transmitter licenses across numerous U.S. states through its X Payments subsidiary. As of now, the company possesses these licenses in over 40 states.

Evidence of X Money Functionality

Independent app researchers have repeatedly discovered code fragments indicative of X Money’s functionality. These findings suggest the ability to deposit funds into a platform wallet and execute payments to other users.

Earlier this year, app researcher Nima Owji indicated that a nationwide launch of X Money within the U.S. is unlikely, with availability potentially limited to select states initially.