Quick take:
- The deal is part of Elon Musk’s plans to transform the social media platform into an “everything app” offering messaging, social networking and payments.
- Visa becomes the first partner of the X Money account, allowing customers to fund their X wallets, make peer-to-peer payments and connect debit/credit cards.
- Customers will also be able to instantly transfer money from the X wallets to their bank accounts, a source told Reuters.
Elon Musk’s X platform has sealed a partnership with global payment services provider Visa. The partnership allows X to provide efficient payment solutions to its customers.
According to the report by Reuters, Visa will be the first partner of the X Money account, allowing customers to fund their X wallets, make peer-to-peer payments and connect debit/credit cards.
Customers will also be able to instantly transfer money from the X wallets to their bank accounts, a source told Reuters.
The deal is part of Elon Musk’s plans to transform the social media platform into an “everything app” offering messaging, social networking and payments.
Since acquiring the X Platform (then Twitter) for $44 billion in April 2022, Musk has maintained his ambition of turning the social media platform into the “Super App” where users can do almost everything from getting the latest news and interacting with their communities to sending, receiving and managing money, as well as, making payments.
In an X post shared last month, X CEO Linda Yaccarino said “2025 X will connect you in ways never thought possible. X TV, X Money, Grok and more.”
X’s partnership with Visa comes as traditional payment service providers continue to diversify their product offerings by expanding into digital payments. Mastercard, Visa’s biggest global competitor has been on a partnership spree since 2020, while global online payments provider PayPal has since added crypto payments to its service offerings.
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