Social media app X says it has struck a deal with Visa ahead of the launch of a digital wallet and peer-to-peer payments service later this year.
In post on the site, formerly known as Twitter, X CEO Linda Yaccarino says Visa is the first partner for the @XMoney account.
The account, she says, will allow for instant X Wallet funding via Visa Direct, enable users to connect their debit cards for P2P payments, and have the option to instantly transfer funds to bank accounts.
Visa has confirmed the partnership, saying: "Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card."
X owner Elon Musk has a long-held ambition to transform X into an "everything app" where users can conduct their "entire financial life".
In October 2023, at an all hands call with employees, he said: “When I say payments, I actually mean someone’s entire financial life. If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
The company has been busy securing money transmission licenses across the US as it prepares for its push into financial services, with Yaccarino promising "many big announcements about X Money this year".
The move to diversify comes as Musk struggles to turn the financials of his $44 billion acquisition around.
According to the Wall Street Journal, in a recent email to staff, Musk said growth on the platform is “stagnant” revenue is “unimpressive” and "we’re barely breaking even".