Platform X, formerly #Twitter and led by Elon Musk, announced this Tuesday (28) the launch of a digital wallet and peer-to-peer (P2P) payment services in partnership with Visa, the largest credit card in the United States.
X CEO Linda Yaccarino revealed the deal in a blog post on the platform, noting that the new feature, called through services like Zelle or Venmo.
The X Money account is expected to be available in the first quarter of 2025. It is not yet known in which countries the feature will be available.
Financial ecosystem
This is X’s first concrete step toward building a financial ecosystem within the platform, solidifying Elon Musk’s vision of turning it into a “super app.” Since acquiring the former Twitter for $44 billion in 2022, Musk has said the goal is to allow users to conduct their entire financial lives on the app.
Also in 2021, under the leadership of Jack Dorsey, Twitter launched a Bitcoin tipping feature, allowing users to link their cryptocurrency wallets to receive payments. However, the platform's expansion of financial services to the United States required dealing with a complex regulatory environment.
According to the published information, X Payments LLC is already authorized to operate as a financial services company in 41 US states and is registered with the Financial Crimes Enforcement Network (FinCEN).
Feature for creators
According to #CNBC , citing sources close to the matter, new financial partners could join the initiative in the coming months. In addition, one of the first features will be the ability for content creators to accept payments directly on the platform, without resorting to financial institutions.
In November 2022, Musk even suggested, during a meeting with advertisers broadcast on Spaces, that #X 's planned payment services could in the future include banking resources, such as high-yield money market accounts (a type of savings).
