Elon Musk’s social media company, X.com, has partnered with Visa to introduce a new financial services and digital payment system called “X Money.”
X CEO Linda Yaccarino announced the initiative on Tuesday, January 28, calling it an “everything app” set to launch later this year. Visa’s network will facilitate immediate money transfers, enabling users to send and receive funds internationally and conduct peer-to-peer payments via debit cards.
Visa confirmed the partnership in a separate post, stating that Visa Direct will allow U.S. X Money users to fund and transfer money instantly using their debit cards. A Visa spokesperson directed inquiries to the company’s post when asked for further details.
We’re excited to partner with @XMoney on the launch of X Money Account.
Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card. https://t.co/h1t0ofX9NE
— Visa (@Visa) January 28, 2025
Musk’s vision for ‘X Money’
Elon Musk has been working on a digital payments feature for X since acquiring Twitter in 2022. X has secured money transfer licenses across different states to establish a nationwide system. According to official records, the platform now holds approximately 40 state licenses, obtained under “Twitter Payments.”
Musk has long been involved in the payments industry. In 1999, he co-founded X.com, an online bank that later merged to become PayPal. His ambitions for X Money were set in motion before he acquired Twitter. In 2022, he projected that a payments business within X could generate $1.3 billion in revenue within six years, according to The New York Times.
𝕏 payment will change the game for all content creators.
Who’s ready for @XMoney ⁉️ pic.twitter.com/YJmID8FORs
— High (@hightvmeta) January 29, 2025
He also suggested a feature where every verified X user would receive a small balance, such as $10, to use within the platform. According to The Verge, Musk said they can send it anywhere in the system. However, he noted that such a program would require regulatory approvals, which X has been actively pursuing.
Visa’s expansion in digital payments
Visa has been working to grow beyond its traditional card business and expand its presence in digital payments. The company has been strengthening Visa Direct, a service that enables fast bank-to-bank transactions.
Last month, Visa demonstrated its capability to complete transfers using a debit card in less than a minute. This initiative aligns with their broader strategy to become a significant player in international money transfers, enabling users to send funds to family and friends across borders more quickly and conveniently.
Musk’s influence extends beyond business. He has strong ties to President Donald Trump and was a major donor to his 2024 campaign, contributing up to $250 million to Trump’s campaign and related political committees.
He now leads an advisory group that provides recommendations to the Trump administration on reducing federal spending and improving government operations. His role as both a tech entrepreneur and political adviser positions him at the center of major financial and policy discussions.
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