X CEO Linda Yaccarino announces a groundbreaking partnership with Visa for X Money, enabling real-time fund transfers and debit card connectivity as the platform expands into financial services.
Elon Musk’s social media platform X has partnered with Visa to manage person-to-person payments for its upcoming X Money product. X CEO Linda Yaccarino announced that the partnership is the first of many major announcements related to X Money this year.
Yaccarino shared that Visa is the first partner for the X Money account, which is expected to launch before year’s end. She explained that Visa will allow the platform users to fund their X wallets via Visa Direct, connect their debit cards for person-to-person payments, and transfer funds instantly to a bank account.
On December 31, the X CEO hinted at what users can expect this year, saying, “2025 X will connect you in ways never thought possible. X TV, X Money, Grok and more.”
Visa confirmed the partnership in a post, noting that it will enable U.S. X Money Account users to fund their accounts and transfer money in real-time using their debit cards through Visa Direct. The company stated:
“We’re excited to partner with XMoney on the launch of X Money Account. Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card.”
Musk’s Plans to Evolve X Into an All-in-One Platform
Elon Musk has shared his vision of transforming X from a social media platform into an “everything app.” He has promised to make X a platform where users can conduct their financial activities. This collaboration with Visa signals a step toward realizing that vision. While the launch date for X Money remains unknown, more partners may join. According to CNBC, one of the initial uses for X Money will be enabling creators to receive payments and store funds independently.
In November 2022, Musk hinted during a publicly broadcast meeting with advertisers on Spaces that the platform’s upcoming payments product could eventually include banking features, such as a high-yield money market account.
X has successfully obtained money transmitter licenses in more than 40 states for its X Payments subsidiary and is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB). App researchers have discovered code linked to X Money that outlines features like loading money into a wallet on the platform and making payments to other users.
Let's see what X Money really is!
At first, it won't be available in all US states!
You'll have a wallet in your X account where you can deposit or withdraw money from it!
You'll be able to connect your bank accounts.
Then you can use it to transfer money to other users! pic.twitter.com/GPSqrooEIm
— Nima Owji (@nima_owji) January 23, 2025
Concerns Over X’s Financial Ambitions
Despite the excitement around X Money’s potential, there are concerns about the platform’s growing financial reach. Dominic Michael Tripi, a commentator with over fifty thousand followers on X, raised doubts about X’s control over user finances. He pointed out that if the platform can take actions like removing a user’s verification checkmark or suspending an account, it could potentially control access to users’ funds. He wrote:
next“If they can take away your checkmark or suspend your account, they can take away your money. This is a precursor to a social credit system.”