X is about to become PayPal thanks to Elon Musk’s new deal with Visa

When you think of X, you generally think of a social media platform filled with many different opinions and interests. Since Elon Musk acquired X, formerly known as Twitter, in 2022, his vision for the app has been to make it the “everything app,” and this newly announced deal brings that closer to fruition.

Linda Yaccarino, X’s CEO, recently announced that the social media platform has reached a deal with Visa to be its first partner for its X Money Account feature, which will be coming later this year.

Thanks to its partnership with Visa, X users will soon be able to move funds between their bank account and digital wallet on X and make peer-to-peer payments. The functionality is similar to that of other digital wallet platforms like Venmo or PayPal.

X has money transmitter licenses in over 40 US states

Though it’s unclear when X Money will launch this year

Kelly Sikkema/Unsplash

This move by X is entirely unsurprising. In 2022, after acquiring the app, Musk laid out his vision for it and told advertisers that the app would eventually let users send money to others on the platform and withdraw money from their bank accounts into a digital wallet.

An independent app researcher recently posted on X traces of code related to X Money. While not confirmed, the feature may not launch in all US states simultaneously. X has been acquiring money transmitter licenses from US states since 2023, with Musk confirming the moves back then as “Progress.” According to X’s website, it’s registered in more than 40 US states, with a few notable exceptions being New York, Alaska, and Vermont.

While X’s CEO didn’t specify when X Money would launch, CNBC reports that it will likely become available in the first quarter of this year (before March 31). It’ll be interesting to see how many people use X Money as an alternative to popular payment apps like Venmo, Zelle, and PayPal. Whether X Money will turn things around for X financially is another matter. Recently, Elon Musk said that the app was “barely breaking even.”

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