X App & Physical Card: Linking Digital & Physical Money

X’s Payment Service: Potential Expansion into Physical Cards

Recent data indicates that X’s ambitions for its payments service may not be limited to the digital sphere. AppSensa, a mobile app intelligence company, has discovered updates within the X application referencing a tangible debit card.

Debit Card Features Revealed in App Code

The X app has undergone several updates in recent weeks. These updates contain numerous code strings pertaining to a physical debit card, offering users the ability to personalize it with their X username.

The code details various functionalities associated with the card. These include tracking shipment status, activating the card upon arrival, reporting loss or theft, temporarily disabling the card, and establishing a PIN.

Furthermore, the data highlights the presence of terms like “physical_card_option” and simply “physical” within the code strings.

Partnership with Visa and Expansion of Payment Licenses

This development follows Linda Yaccarino, CEO of X, announcing Visa as the initial partner for X Money in January. This service will facilitate instant funding of X Wallet accounts through Visa Direct.

Yaccarino explained that the service will enable peer-to-peer (P2P) payments linked to users’ debit cards, with the option for immediate fund transfers to bank accounts.

She also indicated that this launch represents the “first of many” announcements regarding X Money throughout the year. This suggests a broader competitive strategy against established digital banks and payment platforms.

Over the past year, X has actively been securing money transmitter licenses across the United States to support its payment initiatives. By December 2023, the company held licenses in twelve states.

Currently, X possesses registrations for payment processing in forty states, in addition to Washington, D.C., demonstrating significant expansion in its regulatory compliance.

Additional Features and Potential Partnerships

Further examination of the X app’s code reveals details about potential card functionalities. References to “cashback” and “deferred debit” suggest these features may be incorporated.

The code also indicates the possibility of independently managing virtual and physical cards, allowing users to cancel one without affecting the other.

Moreover, the presence of MasterCard and American Express as supported payment card brands suggests X is exploring partnerships beyond Visa.

Elon Musk’s Vision for an “Everything App”

Elon Musk, the owner of X, has consistently expressed a vision for the platform extending beyond its origins as a social network.

In November 2022, he articulated plans to transform X into an “everything app,” encompassing payments, banking, enhanced video support, and tools for content creators.

Last year, development of a Payments button for the site’s main navigation bar was observed, signaling concrete steps toward this goal.

Historical Context: From X.com to PayPal and Back to X

Musk’s involvement in the payments landscape dates back to his co-founding of X.com, which ultimately merged with Confinity to form PayPal.

He re-acquired the X.com domain in 2017 and subsequently rebranded Twitter as X in the summer of 2023, following his acquisition of the platform.

Future Plans and Investment Opportunities

While a specific launch date for X Money remains undisclosed, Yaccarino indicated it will arrive “later this year.” She also revealed plans to integrate investment and trading features into the super app.

X has not yet responded to requests for further comment regarding these developments.