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"X & Visa Team Up: Revolutionizing Social Media Payments"

Coin WorldWednesday, Jan 29, 2025 6:05 am ET

1min read

X, the social media platform, has taken a significant step towards realizing Elon Musk's vision of an "everything app" by announcing a partnership with Visa. This collaboration marks the first major expansion into financial services since Musk's $44 billion acquisition of Twitter in 2022.

The partnership will introduce the X Money Account, a digital wallet service that enables users to make peer-to-peer payments and transfer funds between traditional bank accounts and their digital wallet. CEO Linda Yaccarino revealed the partnership through a post on the platform, confirming that the service is scheduled to launch in the first quarter of 2025.

The X Money Account will offer several features, including secure and instant funding to the X Wallet via Visa Direct, the ability to connect to a debit card for P2P payments, and an option to instantly transfer funds between accounts. This new service will function similarly to established payment platforms like Zelle and Venmo, allowing users to transfer money instantly between accounts.

X has already laid substantial groundwork for this financial expansion. X Payments LLC has secured money service business licenses in 41 states and registered with the Financial Crimes Enforcement Network (FinCEN), meeting essential regulatory requirements for handling financial transactions in the United States.

One of the primary features of the X Money Account will be its integration with the platform's creator ecosystem. Content creators will have the ability to accept payments and store funds directly within the platform, eliminating the need for external financial institutions. This streamlined approach aims to simplify the monetization process for creators.

The partnership with Visa, as the largest U.S. credit card network, provides X with established infrastructure and credibility in the financial sector. This collaboration suggests a strategic approach to building trust with users who may be hesitant about managing money through a social media platform.

X's financial ambitions extend beyond basic payment services. In a November 2022 meeting with advertisers, Musk discussed the possibility of offering additional banking features, including high-yield money market accounts, indicating a broader vision for the platform's financial services.

Sources familiar with the project have indicated that X is actively pursuing additional financial partnerships to enhance its service offerings after launch. These potential collaborations could expand the platform's financial capabilities, though specific details remain undisclosed.

The development of X Money Account has required careful navigation of complex regulatory requirements. The platform's successful acquisition of necessary

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