Elon Musk's X To Launch Digital Payments? CEO Shares Update

Elon Musk 's social media platform, X (formerly Twitter), is set to introduce a digital payments service named "X Money Account" later this year, in partnership with Visa. This initiative aligns with Musk's vision of transforming X into an "everything app," similar to China's WeChat, by integrating various services such as messaging, social networking, and payments. 

X CEO Linda Yaccarino recently announced the upcoming launch of "X Money," a digital payment service integrated into the X platform. 

"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 Visa Direct  Connects to your debit card allowing P2P payments  Option to instantly transfer funds to your bank account First of many big announcements about X Money this year,” Yaccarino posted on X.

She revealed that the "X Money Account" will feature an in-platform digital wallet, enabling users to conduct secure, instant peer-to-peer payments. Users can link their debit cards to the wallet and transfer funds directly to their bank accounts using Visa Direct.

Initially, this service will be available to U.S. users, with potential plans for international expansion in the future.

X has been actively securing money transmitter licenses across the United States, having obtained approvals in 41 states to date. The company is also collaborating with financial institutions and payment providers, including Citibank, Stripe, and Adyen, to facilitate these payment services.

This move into digital payments is part of Musk's broader strategy to diversify X's revenue streams beyond advertising. Industry observers reckon that X aims to enhance user engagement and create new monetization opportunities by integrating financial services,  positioning itself as a comprehensive platform for various user needs.