Elon Musk launches "X Money"
On Tuesday, Elon Musk’s social media platform X announced the launch of its digital wallet and peer-to-peer payment services in partnership with Visa.
CEO Linda Yaccarino shared the news in a post on the platform, introducing what is being called the X Money Account.
Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.
— Linda Yaccarino (@lindayaX) January 28, 2025
Allows for secure + instant funding to your X Wallet via Visa Direct
Connects to your debit card allowing P2P payments
Option to instantly…
This new service will enable users to transfer funds between traditional bank accounts and their digital wallets while also facilitating instant peer-to-peer payments, similar to services like CliQ and Venmo.
This marks X's first significant step towards establishing a comprehensive financial ecosystem, aligning with Musk's vision of transforming the platform, previously known as Twitter, into an “everything app” following his USD 44 billion acquisition in 2022. Musk has expressed ambitions for users to manage their “entire financial world” on X.
Previously, under former CEO Jack Dorsey, Twitter launched a bitcoin tipping feature in 2021, allowing users to receive payments in cryptocurrency. However, evolving into a money service business in the US requires navigating complex regulatory challenges.
Musk has been pursuing the necessary licenses for X for over a year. According to the platform's website, X Payments LLC is now licensed in 41 states and is registered with the Financial Crimes Enforcement Network (FinCEN).
The X Money service is expected to be rolled out in the first quarter, with additional partnerships likely to follow. One of the primary applications of X Money will be to empower creators on the platform to accept payments and store funds without relying on external financial institutions, according to a source familiar with the plans.
In a public meeting with advertisers in November 2022, Musk hinted that the upcoming payment service could incorporate banking features, including high-yield money market accounts, further enhancing the financial capabilities of X.
