On Tuesday, Elon Musk’s social media platform X announced a new feature: a digital wallet and a way to send money to other users, in partnership with Visa.
The CEO, Linda Yaccarino, shared this news by introducing the “X Money Account.”
With this new service, users will be able to transfer money from their regular bank accounts to their digital wallets. They can also send money directly to other users, similar to what apps like CliQ and Venmo do.
This is an important move for X as it tries to create a complete financial system. Musk wants to change the platform, which was called Twitter before, into an all-in-one app where users can manage many aspects of their lives. He bought Twitter for $44 billion in 2022.
Musk has talked about wanting users to handle their entire financial activities on X.
Before this, during the time of former CEO Jack Dorsey, Twitter introduced a feature in 2021 that allowed users to receive payments in Bitcoin, a type of cryptocurrency.
However, to offer money services in the United States, X has to follow many rules and regulations.
Musk has been working for over a year to get the licenses needed for X. Now, X Payments LLC is licensed in 41 states and has registered with the Financial Crimes Enforcement Network (FinCEN).
The X Money service is expected to launch in the first part of next year, and there may be more partnerships in the future.
One main goal of X Money is to help creators on the platform receive payments and keep money safely without needing other banks. A source who knows about these plans mentioned this.
In a meeting with advertisers in November 2022, Musk hinted that the new payment service might include banking features, like accounts that earn more interest, which would make X even more useful for financial activities.
