Banking and FinanceCryptocurrency and Blockchain

Elon Musk’s X Unveils Game-Changing Money Transfer Platform in Partnership with Visa

Economic Developments: Follow-Up

The social media platform “X,” owned by American entrepreneur Elon Musk, announced the introduction of a new money transfer service that facilitates transactions between digital wallets and provides instant payment services in partnership with Visa.

According to CEO Linda Yakino, X has secured an agreement with Visa, the foremost credit card network in the United States, to serve as the primary partner for the new “X Money” service. This news was shared in a post on the platform.

The collaboration with Visa will allow X users to transfer funds between their traditional bank accounts and digital wallets, enabling immediate payments similar to those offered by services like Zelle or Venmo.

Yakino emphasized that this partnership represents a pivotal step for X in developing a comprehensive financial ecosystem for the platform, which was previously known as Twitter before Musk’s acquisition in 2022 for $44 billion. During the acquisition, Musk articulated his vision for creating an “everything app,” asserting that the platform would empower users to manage their complete financial landscape.

The launch of X Money is anticipated in the first quarter of this year, with expectations for additional partnerships with financial institutions to follow, based on insights from informed sources.

These sources indicated that one of the initial applications of X Money will focus on enabling creators on the platform to receive payments and store funds without relying on external financial institutions.

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