San Francisco, CA – Elon Musk's social media platform, X (formerly Twitter), is set to launch a suite of financial services this year, including digital payment capabilities. This was announced by Linda Yaccarino, CEO of X, in a post on the platform.
Yaccarino revealed that Visa will be the inaugural partner for XMoney accounts, which are set to debut this year. The partnership with Visa will enable XMoney users to enjoy global remittance services through Visa Direct, offering secure and swift fund transfers. Additionally, the platform will facilitate person-to-person (P2P) payments directly linked to users' debit cards.
"This is another milestone for the everything app," Yaccarino stated. "Visa is our first partner for XMoney accounts, which will be launching this year."
With this move, X aims to enter the competitive market currently dominated by platforms like Zelle, Venmo, and Apple Wallet. The company has been actively acquiring licenses for money transmission services across the United States, positioning itself to become a major player in the fintech industry.
Musk has long envisioned X as an "everything app," offering a comprehensive range of services beyond social media. By integrating financial services, X seeks to increase user engagement and generate new revenue streams.
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