X.com, formerly Twitter, continues its transformation under the leadership of Elon Musk. The platform is preparing to launch its own payment service, with Visa as its first partner.
A super-app in the making
Since its acquisition in 2022, Elon Musk has repeatedly expressed his ambition to make X.com a “super-app,” similar to China’s WeChat. These apps integrate a multitude of services within a single platform, ranging from messaging to payments, e-commerce, and financial services.
Payments play a central role in these ecosystems, facilitating all interactions within the application. X Money is part of this strategy by offering an integrated transaction system.
X Money prepares for launch
The rollout of such a service has been anticipated for several months. Recently, Linda Yaccarino, CEO of X, confirmed that X Money will be available this year with the support of Visa, the leading payment card network in the United States.
Concretely, this partnership will allow X.com users to transfer funds between their bank accounts and their digital wallet directly integrated into the application. They will also be able to make instant payments between individuals.
According to a source close to the matter cited by CNBC, the service is expected to be rolled out in the first quarter of the year. Other financial partnerships could follow to expand the offering.
X Money’s goal isn’t limited to user-to-user payments. According to Linda Yaccarino, content creators will be able to receive payments and manage their earnings directly through the platform, without a banking intermediary. Currently, X Payments, the entity that manages X Money, is registered in 41 US states and regulated by the Financial Crimes Enforcement Network (FinCEN), an agency of the US Department of the Treasury.
Towards the disappearance of banks?
Elon Musk makes no secret of his ambition to go even further. “When I talk about payments, I’m really talking about a person’s entire financial life. If it involves money, it will be on our platform, whether it’s transfers, securities, or other assets. The goal is for you to no longer need a bank account,” he explained shortly after the Twitter acquisition.
While X Money is ready to launch in the United States, its arrival in Europe remains uncertain. Regulations there are much stricter, and X.com is already under scrutiny from European authorities. It remains to be seen whether Elon Musk will succeed in overcoming these obstacles and making X.com a true alternative to traditional banks.
