- X (formerly Twitter) has selected Visa as its first payments partner to launch the XMoney Account.
- X’s new payments feature will be powered by Visa Direct, which will enable instant P2P payments, transfers to bank accounts, and creator monetization within the social media app.
- X CEO Linda Yaccarino expects that X’s in-app payments will debut later this year.
Visa and X (formerly Twitter) have partnered to facilitate payments on X, or what the company owner Elon Musk refers to as the “everything app.” According to a tweet from X CEO Linda Yaccarino, the XMoney Account, which will facilitate in-app payments, will debut later this year.
X will leverage Visa Direct, Visa’s real-time payment platform that enables businesses and individuals to instantly send and receive money directly to an eligible debit card or X Wallet. Once users connect their debit card to allow for P2P payments, they will have the option to transfer the funds to their bank account.
A payment partnership has been in the works for a long time. Musk purchased X (which was then called Twitter) in 2022 for $44 million. That same year, the company filed with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and began obtaining necessary state licenses, as well. The move was one of the first steps Musk took to create an “everything app” that he envisions will help users manage their entire financial lives. Today, X Payments is licensed in 41 states.
According to CNBC, which spoke to someone familiar with the matter, “The X Money service is expected to launch in the first quarter, and deals with more financial partners are likely. 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.”
Once launched, XMoney will compete with formidable players such as Venmo, Cash App, PayPal, Apple Pay, Google Pay, and Zelle. XMoney may be able to differentiate itself in this competitive space by integrating social media, content creation, and financial tools. This would position it as more than just a payments platform, but rather as a central hub for digital interactions, creator monetization, and financial management. Its success, however, will depend on its ability to gain user trust, ensure security, and offer functionality that rivals established players.