#X#ElonMusk#XMoney#DigitalWallet
IBNS-CMEDIA: Elon Musk’s social media platform X has introduced its digital wallet and peer-to-peer payment service, ‘X Money,’ in collaboration with Visa.
CEO of X Linda Yaccarino announced the news in a post on X on Tuesday, confirming that the X Money account will debut later this year.
Visa, one of the largest US credit card networks, reshared X CEO Linda Yaccarino’s update, emphasising that Visa Direct will enable US-based X Money account holders to fund their wallets and transfer money instantly via debit cards.
When Musk acquired X (formerly Twitter) in 2022, he envisioned transforming it into an “everything app”—a multifunctional platform integrating messaging, social networking, peer-to-peer payments, and e-commerce.
Yaccarino described the launch of X Money as “another milestone” in realising that vision.
According to CNBC, Musk has been securing regulatory approvals for over a year.
X Payments LLC is now licensed in 41 US states and registered with the Financial Crimes Enforcement Network (FinCEN), as per the company’s website.
The announcement comes as X grapples with sluggish user growth and lacklustre revenue.
Acknowledging these struggles, Musk stated, “We’ve witnessed the power of X in shaping national conversations and outcomes,” but admitted that “our user growth is stagnant, revenue is unimpressive, and we’re barely breaking even.”
