X has partnered with Visa to power its new digital payment platform, "X Money.” The partnership was confirmed in a post by X CEO, Linda Yaccarino, who previously said X will launch X Money this year. She described Visa as the platform's first financial services partner. “Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year,” Yaccarino stated.

As part of the deal, Visa Direct, a real-time payment service, will enable X Money users in the U.S. to transfer funds instantly using their debit cards. Visa confirmed the collaboration in a quoted post on X, saying, “Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card.”

What the partnership will offer

Yaccarino claimed that the partnership will let users to fund their X Wallet using Visa Direct. Users will also be able to make peer-to-peer payments using their debit cards. They will also have the option to transfer funds to their bank accounts.

This positions X to compete with established payment platforms such as PayPal, Venmo, and Zelle.

X vision for X Money

Yaccarino has described the Visa partnership as the “first of many big announcements” for X Money this year. 

The launch of X Money is part of Elon Musk’s plan to transform X into an “everything app.” Musk acquired Twitter in 2022 for $44 billion and rebranded it as X. Since then, he has emphasized integrating services like payments and shopping into the platform.

In July 2024, X secured a money transmitter license in the District of Columbia and has now expanded to 41 U.S. states, according to Bloomberg. However, the company withdrew its application in New York due to legal challenges.

‍