X (formerly Twitter) announced its partnership with Visa to enter the financial sector.
X Money Account is a new digital wallet which allows you to send money between friends, pay for things online and even connect your account with the traditional banking system. Visa will provide these features to allow users manage their funds directly through the X platform.
In an official statement, CEO Linda Yaccarino announced the partnership. She described the move as one step towards building a financial eco-system within the platform.
The X Money Account will be launched in the first quarter 2025.
In spite of its historic interest in crypto and digital assets, the platform failed to mention them in the announcement. In the future it’s unclear if X Money Account transactions will be supported by crypto.
Social media and Finance
The development aligns with Elon Musk’s vision of transforming X into an all-encompassing “everything app.”Musk hinted that he planned to integrate robust financial tools when he acquired Twitter for $44 Billion in 2022.
X Money is the first major step in this direction. It aims to integrate payments and banking functionality into the platform.
It has been licensed in 41 US States and registered with FinCEN, a network that combats financial crime. This ensures compliance with money service regulations.
This allows X, a financial transaction facilitator to expand its services and facilitate transactions.
Users have new opportunities
X’s push into finance builds on its history of innovation. The platform, which was run by former CEO Jack Dorsey from 2010 to 2021 introduced Bitcoin tips.
Launching X Money is a major evolution for the foundation. It will focus now on broader financial service. The X Money Account allows creators to manage their funds and accept payments without relying on third parties.
CNBC reported that sources familiar with the launch of the new service told them they are developing additional partnerships with financial institutions to improve the service after its launch. They did not give any further information.
Musk’s ambitions for X extend beyond basic financial services. He has previously suggested that X Money could evolve to include features like high-yield accounts, further solidifying its role in users’ financial lives.
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