Elon Musk continues his X transformation into a “super app”. In partnership with Visa, the platform is preparing the launch of X Money, a digital portfolio allowing money transfers and peer payments.
X, soon the “super app” dreamed of by Elon Musk thanks to a partnership with Visa?
Elon Musk continues to develop X, the old Twitter, with a clear ambition: making it a “super app” like WeChat, the Chinese giant of integrated services.
This time, it was in partnership with Visa, the world leader in payments, that the billionaire has taken a new stage towards the creation of a complete financial ecosystem within the platform, a ambition which he has never concealed.
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Linda Yaccarino, the director general of X, announced Tuesday The upcoming launch of “X Money”, a digital portfolio allowing money transfers and peer-to-peer payments, with visa as the first partner.
Another Milestone for the Everything App: @Visa is our first partner for the @Xmoney Account, Which Will Debut Later This Year.
allows for secure + instant Funding to your x wallet via direct visa
Connects to your debt card allowing p2p payments
TO MONTELLY OPTION…
– Linda Yaccarino (@lindayax) January 28, 2025
Concretely, X Money will allow users to connect their digital portfolio to their traditional bank accounts, to instantly finance their wallet via debit cards, and to make transfers between individuals in real time, in the manner of services like Zelle or VenMo .
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A “Everything app”
This initiative is part of the wider vision of Musk, which wishes to transform X into an all-in-one platform, integrating messaging, social networks, and now financial services. To achieve this, X had to navigate a relatively complex regulatory landscape, Forcing him to obtain financial services licenses in 41 US states and to register with the Financial Crimes undercover Network (Fincen).
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Today, with X Money, the platform could allow content creators to receive payments directly, without going through external intermediaries.
The launch of X Money, Scheduled for the first quarter of 2024could also pave the way for more advanced features, such as the management of cryptocurrencies. Elon Musk, considered to be close to the Crypto universe via his interest in Dogecoin, has never hidden his interest in digital assets.
In 2021, Twitter had already introduced a Bitcoin tip functionality under the direction of Jack Dorsey in partnership with Strike and thanks to the Lightning Network.
Will the “super app” dream by the American billionaire be a reality soon? And above all, will it integrate cryptos?
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Source Illustration: Heisenberg Media via Flickr, CC by 2-0
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