The social media platform X, owned by Elon Musk, has revealed a collaboration with Visa to facilitate peer-to-peer transactions for its forthcoming feature, X Money.
This partnership will leverage Visa Direct, a service that enables immediate money transfers, allowing users to fund their X Money wallet, link to a debit card for user payments, and withdraw funds back to their bank accounts.
Linda Yaccarino, CEO of X, shared details about this collaboration, noting it as the first of several significant updates regarding X Money expected this year. However, the product itself is not being launched just yet; the partnership is merely being announced at this stage.
Musk initially expressed his ambition to transform X into a financial hub shortly after taking over the platform, envisioning functionalities such as tipping content creators and generating high returns on funds held in X.
Following that announcement, X has been working to secure money transmitter licenses across numerous U.S. states through its subsidiary, X Payments. Currently, the company has obtained these licenses in over 40 states.
Additionally, app researchers have identified code fragments pertaining to X Money, which detail features like funding wallets and facilitating payments between users. Earlier in the year, app researcher Nima Owji indicated that X Money would not be available from the outset in all U.S. states.
Compiled by Techarena.au.
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