X CEO Linda Yaccarino announces a groundbreaking partnership with Visa for X Money, enabling real-time fund transfers and debit card connectivity as the platform expands into financial services.
By Temitope Olatunji
Edited by Marco T. Lanz
Updated
3 mins read
Elon Musk’s social media platform X has partnered with Visa to manage person-to-person payments for its upcoming X Money product. X CEO Linda Yaccarino announced that the partnership is the first of many major announcements related to X Money this year.
Yaccarino shared that Visa is the first partner for the X Money account, which is expected to launch before year’s end. She explained that Visa will allow the platform users to fund their X wallets via Visa Direct, connect their debit cards for person-to-person payments, and transfer funds instantly to a bank account.
On December 31, the X CEO hinted at what users can expect this year, saying, “2025 X will connect you in ways never thought possible. X TV, X Money, Grok and more.”
Visa confirmed the partnership in a post, noting that it will enable U.S. X Money Account users to fund their accounts and transfer money in real-time using their debit cards through Visa Direct. The company stated:
“We’re excited to partner with XMoney on the launch of X Money Account. Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card.”
Elon Musk has shared his vision of transforming X from a social media platform into an “everything app.” He has promised to make X a platform where users can conduct their financial activities. This collaboration with Visa signals a step toward realizing that vision. While the launch date for X Money remains unknown, more partners may join. According to CNBC, one of the initial uses for X Money will be enabling creators to receive payments and store funds independently.
In November 2022, Musk hinted during a publicly broadcast meeting with advertisers on Spaces that the platform’s upcoming payments product could eventually include banking features, such as a high-yield money market account.
X has successfully obtained money transmitter licenses in more than 40 states for its X Payments subsidiary and is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB). App researchers have discovered code linked to X Money that outlines features like loading money into a wallet on the platform and making payments to other users.
Let's see what X Money really is!
At first, it won't be available in all US states!
You'll have a wallet in your X account where you can deposit or withdraw money from it!
You'll be able to connect your bank accounts.
Then you can use it to transfer money to other users! pic.twitter.com/GPSqrooEIm
— Nima Owji (@nima_owji) January 23, 2025
Despite the excitement around X Money’s potential, there are concerns about the platform’s growing financial reach. Dominic Michael Tripi, a commentator with over fifty thousand followers on X, raised doubts about X’s control over user finances. He pointed out that if the platform can take actions like removing a user’s verification checkmark or suspending an account, it could potentially control access to users’ funds. He wrote:
“If they can take away your checkmark or suspend your account, they can take away your money. This is a precursor to a social credit system.”
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
