X Partners with Visa: X Money Wallet for P2P Payments

Social media platform X is moving closer to its goal of becoming an “Everything App.”

CEO Linda Yaccarino announced on Tuesday that Visa will be the first partner for the upcoming X Money Account, set to debut later this year.

The XMoney Account introduces several features aimed at simplifying digital payments, such as secure and instant wallet funding. Users can fund their X Wallet using Visa Direct quickly and safely.

There’s also peer-to-peer payments, which will let users connect their debit cards to enable seamless P2P transactions. As for bank transfers, X users will be able to instantly transfer funds from their X Wallet to bank accounts.

Yaccarino called the partnership with Visa a milestone and teased that it is “the first of many big announcements about X Money this year.”

According to unnamed sources speaking to CNBC, X Money is expected to launch in Q1 and more partners are likely. The first features are said to allow for accepting payments and storing money without the need for a traditional bank.

“Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card,” said Visa.

The X Money launch will be first in the U.S., but hopefully will expand to Canada and beyond.