X closer to its “everything app” vision with the launch of X Money

X is moving closer to its transformation into an “everything app” with the upcoming launch of its payments platform, X Money. CEO Linda Yaccarino announced the service will debut “later this year,” partnering with Visa for its initial rollout.

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X Money will enable users to instantly fund their X Wallets via Visa Direct, facilitating peer-to-peer payments and instant transfers to linked bank accounts, similar to services like Venmo.  While Yaccarino’s announcement suggests a 2024 launch, the official X Money profile indicates a 2025 release.

The platform has secured money transmitter licenses in 41 US states, according to the X Payments website.  Bloomberg previously reported that X Payments is working with Citibank and has agreements with payment providers like Stripe and Adyen.

The introduction of a payments system is a key element of Elon Musk’s vision for X. Since acquiring the platform in 2022, Musk has outlined plans to turn X into a financial hub offering a range of services, including high-yield money market accounts, debit cards, checks, and loans.  He had previously expressed a desire to launch these financial services by the end of 2024.

Yaccarino hinted that the Visa partnership is just the “first of many big announcements” regarding X Money.  The connection, if any, between the new payments service and X’s creator revenue-sharing program remains unclear.  This launch comes as X faces financial pressures, with Musk recently acknowledging the company is “barely breaking even” and reports of banks preparing to sell off some of the $13 billion in debt he incurred to purchase the platform.  The success of X Money could be crucial for X’s financial future and its transformation into the “everything app” Musk envisions.