Shortly after purchasing X (then Twitter) in October 2022, Musk outlined plans to transform it into a bank that would have offered high -performance monetary market storage accounts, debit cards, loan checks and services
According to the CEO of X, Linda Yaccarino, the X Money service will debut “by the end of the year” and Visa will be the first partner. Yaccarino has announced that the service will support “the transfer of safe and instantaneous funds to its X Wallet via Visa Direct”, allowing users to make P2P payments and transfer money instantly to their connected bank account. The X Money profile mentioned by Yaccarino in his ad indicates that the service will be “launched in 2025”.
The service has obtained licenses for the transmission of money in 41 United States states, according to the X Payments website, which currently does not provide further information. In June 2024, Bloomberg reported that X Payments collaborates with Citibank and has agreements with payment service providers such as Stripe and Adyen. The introduction of a payments system is a fundamental element of the goal of the X, Elon Musk’s owner, to transform the platform into a “app for everything”. Shortly after buying X (then Twitter) in October 2022, Musk outlined plans to transform it into a bank that would have offered high -performance monetary market storage accounts, debit cards, loan checks and services. Musk had previously said that “he would have been stunned” if X had not implemented financial services by the end of 2024.
Yaccarino says that the partnership with Visa is the “first of many great ads” that will be made on X Money this year. It is not clear whether the service will somehow be connected to the revenue sharing program for the creators of X. Musk has said that X “barely reaches the draw” in an e-mail to employees this month, and the company He is currently trying to generate revenue while the banks are preparing to sell part of the debt of 13 billion dollars that Musk contracted to buy the platform.
