Elon Musk’s X has taken another bold step toward becoming an “everything app” by announcing a partnership with Visa to enhance the platform’s upcoming X Money service.
The collaboration, revealed on Tuesday by CEO Linda Yaccarino, establishes Visa as the first partner to integrate with X Money, which is set to launch later this year.
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Visa to power X Money’s core functions
X Money will feature a digital wallet allowing users to fund their accounts, make peer-to-peer payments, and seamlessly transfer money to their bank accounts. Through Visa Direct, Visa’s real-time money transfer solution, X users can connect their debit cards to X Money for instant transactions.
While Visa has partnered with X to power these functionalities, the platform itself remains in development. The announcement reflects Musk’s vision to transform X into a financial ecosystem where users can manage their “entire financial world” on the platform, a vision he first introduced after acquiring Twitter in 2022 for $44 billion and rebranding it as X.
Can X Money compete with established digital payment systems?
The digital payments space is fiercely competitive, with players like PayPal, Apple Pay, and Google Pay dominating the market. Musk’s X Money will have to overcome significant challenges to carve out its niche.
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Since the acquisition, X has secured money transmitter licenses in over 40 U.S. states, signalling its commitment to building a robust financial backbone. However, critics question whether the platform can effectively compete with well-established players while navigating potential regulatory scrutiny and user privacy concerns.
While the convenience of an all-in-one platform might appeal to some users, others remain wary of the risks associated with centralising financial and social services under one corporate entity. Concerns about data security, privacy, and user service monopolisation loom as X pushes ahead with its plans.
X Money can redefine how people interact with financial services on social platforms, particularly for creators. However, whether it will emerge as a revolutionary tool or a polarising experiment in overreach remains to be seen. Musk’s bold vision for X continues to spark excitement and scepticism, leaving the future of X Money shrouded in uncertainty.