Elon Musk's X.com has signed up Visa as the first partner for its XMoney account that is planned to be launched this year.
As part of Musk's long-held plans for X to become an "everything app", X chief executive officer Linda Yaccarino announced the agreement in a tweet.
She confirmed that the XMoney account "will debut later this year" and allow secure and instant funding to a user's X Wallet via Visa.
It will connect to a user's debit card, allowing electronic peer-to-peer (P2P) money transfers, she said, similar to PayPal's Venmo and Zelle.
XMoney will also offer an option for instant app-to-bank transfers, Yaccarino said, adding that it will be the "first of many big announcements about X Money this year".
Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.
????Allows for secure + instant funding to your X Wallet via Visa Direct
???? Connects to your debit card allowing P2P payments
???? Option to instantly…
— Linda Yaccarino (@lindayaX) January 28, 2025
Just over a year ago, the social media platform formerly called Twitter received regulatory green lights for users to make payments, after receiving approval in 14 states for the payments feature.
The creation of a dedicated X payments account, distinguished by a gold verification badge indicating official status and the recognizable X badge, also intensified anticipation for the payment system. While Yaccarino did not mention anything about cryptocurrencies on X, Elon Musk’s influence will surely keep the door open for crypto integration on the platform.
Musk wants to transform X into an "everything app" similar to successful super apps in Asia like WeChat that offer a wide array of services ranging from messaging and social media to payments and gaming.
The plans are a matter of unfinished business for the South Africa-born bullionaire, as he was ejected as boss of PayPal in 2000 because he wanted to change the branding to X.