X launches X Money payment app in partnership with Visa

By: Nastya Bobkova | 29.01.2025, 00:34
X announces the launch of a new financial service: X Money for convenient transfers X is preparing to launch the X Money financial service for transfers and wallet replenishment. Source: NurPhoto via Getty Images

X is preparing to launch X Money, a payment app that will be available later this year. The company has entered into a partnership with Visa to create this service.

Here's What We Know

The company's CEO Linda Yaccarino announced that X Money will allow users to transfer funds from debit cards, as well as transfer money to a bank account, similar to Venmo. In addition, the service will provide the ability to top up the balance in the X Wallet.

Iaccarino and Elon Musk have long promised to create financial services on the platform, trying to turn X into a universal app. In her memorandum last year, Yaccarino stated that the company plans to introduce banking and payment features for users. Musk also said he wants people to be able to run their "entire financial lives" through X.

For now, X Money looks to be the first step towards that goal, although Yaccarino noted that the Visa partnership is "the first of many big announcements about X Money this year."

The company has not yet disclosed details on how X Money will work for users, or how it plans to make money from the service. X's business is rumoured to be struggling. Musk recently told employees that "user growth is stagnant, revenue leaves much to be desired, and we are barely reaching the breakeven point," according to a memo published by The Wall Street Journal.

Source: @lindayaX