Elon Musk-owned social network X announced a partnership with Visa to handle person-to-person payments for its upcoming X Money product.
The company will use Visa Direct, which is Visa’s solution for real-time money transfers, to load money into X Money’s wallet, connect to a debit card for paying other users, and transfer money back to your bank account.
X’s CEO, Linda Yaccarino, announced the partnership and said this is the first of “many big announcements” related to X Money this year. The company is just announcing the partnership at the moment and not actually launching the product.
Musk first started talking about a vision for making X a financial platform right after he took over the company. At that time, he talked about using the platform to tip creators and get a high yield from the balance held within X.
Since that live talk on the platform, X has been obtaining money transmitter licenses in several U.S. states for its X Payments subsidiary. At the time of writing, the company had these licenses in more than 40 states.
App researchers have also found traces of code related to X Money multiple times now describing the functionality of being able to load the money into a wallet on the platform and pay other users. Earlier this year, Nima Owji, an app researcher, said that X Money wouldn’t be available in all the U.S. states at launch.
