X, the social media platform, has announced X Money, a new digital wallet and payment service.
Linda Yaccarino, CEO of X, took to X to share the details about X Money. The platform entered into a partnership with Visa, making it possible for US X Money Account users to fund and transfer money in real time with their debit cards.
The X Money will be debuting later this year, as per Yaccarino’s post. The service will let users send and receive money directly to each other, like a peer-to-peer system (P2P).
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…
— Linda Yaccarino (@lindayaX) January 28, 2025script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″>
Additionally, X Money will let users link their debit cards and make direct payments to others on the platform. Similar services are already available in the US through apps like Cash App, Venmo, and Apple Pay Cash.
It also allows users to transfer money from their X Money account to their bank account. The company hasn’t announced the official launch date for the X Money yet.
Elon Musk aims to turn X into an ‘everything app,’ inspired by China’s WeChat. The Chinese social media platform lets users send messages, make payments, and shop—all in one place.
X has been working on adding digital payment features for the past few years. In December 2023, Musk told investor Cathie Wood that X needed approval from multiple US states before it could start handling money transfers.
As of Wednesday, a support document for X’s payment platform shows that X has licenses from 41 states. As per the document, X Payments LLC is also registered as a Money Service Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN).
