Elon Musk’s X will launch its first digital wallet this year

Elon Musk’s social media platform, X (previously Twitter), is set to launch financial services within its app soon. X has just revealed its collaboration with Visa, marking its initial digital wallet. The firm plans to utilize Visa Direct, Visa’s instant money transfer service, to load X Money’s wallet, connect to a debit card for transactions with fellow users, and allow smooth transfers back to your bank account. In a statement, X CEO Linda Yaccarino mentioned that X Money is set to debut later this year.

This partnership with X-Visa will enable safe and immediate funding to users’ X Wallet through Visa Direct, she mentioned. It will also link debit cards, enabling person-to-person transactions. X Money will offer users the ability to quickly move funds to their bank account. Yaccarino states that this is the “first of numerous major announcements regarding X Money this year.”

The idea of incorporating financial services into X was addressed shortly after Musk’s acquisition. Through this collaboration, it appears the services will first launch in the US before extending to other regions globally. According to earlier reports, this service will initially be accessible only in certain states. App researchers have consistently found code associated with X Money, emphasizing functionalities like loading money into a wallet on the platform and sending payments to other users.

The X Money service is scheduled to debut in the initial quarter, with more partnerships being developed. As per the CNBC report, one of the primary applications for X Money will be to allow creators on the platform to accept payments and manage their funds autonomously.

According to its website, X Payments LLC holds licenses in 41 states and is registered with the Financial Crimes Enforcement Network (FinCEN).