X Money Digital Payments Service Unveiled; Platform Partners Visa to Introduce P2P Payments 3bq2a

Visa, and the service is expected to compete with apps like Cashapp, Venmo, and Zelle.

X Money to Use Visa Direct for Instant Fund Transfers 124o13

X CEO Linda Yaccarino announced details of the new platform on Tuesday, stating that for X Money s would arrive "later this year". The platform has partnered with Visa, and s will be able to instantly transfer funds into their 'X Wallet' using Visa Direct, she added. These funds can be used to make P2P payments on the service.

In addition to moving funds into the digital wallet, X Money will also allow s to link their debit card to their and make P2P payments on the platform, the CEO said in the post. P2P payments are currently ed by various apps in the US, from Cashapp to Venmo (or even Apple Pay Cash).

s will also have the option to transfer funds (presumably from their X Wallet) to their bank . There's no word from the company on exactly when X Money will be available to s in the US. Visa said in a post that US--based X Money s would be able to make real time transfers using a debit card.

One Step Closer to an 'Everything App' 73x5v

After purchasing Twitter and rebranding it to X, Elon Musk made his plans for the platform clear. The billionaire plans to build X into an "everything app" inspired by Chinese apps like WeChat with for making payments, making purchases, messaging and other functionality.

X has been working on adding for digital payments for the past couple of years now. In December 2023, Musk told ARK Invest's Cathie Wood that X would require approval in the form of licences from several US states, before it could begin operations as a money transmitter.

As of Wednesday, a document for the payment platform reveals that X has received licences from 41 states, and that X Payments LLC is also ed as a Money Service Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN).

X Money could eventually compete with PayPal, the payment services company that was formed after Confinity merged with the Elon Musk-run X.com bank in 2000. The billionaire has had plans to launch a payments platform for over two decades, and they could finally come to fruition later this year with the launch of X Money.