Elon Musk’s Social Media Platform X Launches Digital Wallet and Peer-to-Peer Payments Service
X, the social media platform acquired by Elon Musk in 2022, has announced the launch of a digital wallet and peer-to-peer payments service in partnership with Visa. The X Money Account will enable users to move funds between traditional bank accounts and their digital wallet, as well as make instant peer-to-peer payments.
Visa will be the first partner for the X Money Account, allowing users to conduct transactions similar to those on Zelle or Venmo. This is the first concrete move by X to create a financial ecosystem for the platform, which Musk has described as an “everything app” that will enable users to conduct their entire financial world on it.
The X Money service is expected to launch in the first quarter, and the company is likely to announce deals with more financial partners in the future. One of the first use cases for X Money is to allow creators on the site to accept payments and store funds without external institutions.
Musk has been applying for licenses to operate as a money service business in the US for over a year, and X Payments LLC is now licensed in 41 states and registered with the Financial Crimes Enforcement Network (FinCEN). The company has also suggested that its payments product may ultimately offer certain banking features, such as a high-yield money market account.
