Elon Musk’s X Begins Its Push Into Financial Services with Visa Deal

Elon musk’s Social Media Platform X on Tuesday AnnouncedThe launch of a digital wallet and peer-to-peer payments services provided by Visa,

X Struck a Deal With Visa, The Larget Us Credit Card Network, to be the first partner for what it is calling the X Money Account, CEO Linda Yachcarino Announced in a post on the platform.

She Said Visa will enable x users to move funds between traditional bank accounts and their digital wallet and make instant peer-to-peer payments, like with Zelle Or venmo.

It’s the first concrete move from x to create a financial ecosystem for the social media site, which was called twitter before musk purchaased It in 2022.Everything App.Entre Financial Worldd“on it.

In 2021 While Jack Dorsey was at the Helm of Twitter, The Company Launched a Bitcoin Tipping Feature That Allowed Users to Add their Crypto Wallet Addresses and Receive Payments in the World Payments in the World.

But Attaining Status as a Money Service Business in the US required Navigating a far more complex regulatory landscape.

For over a year, musk has been applying for these licenses for x. According to its websiteX payments llc is licensed in 41 states and registered with the financial crimes enforcement network, or Fincen,

The x money service is expected to launch in the first quality, and deals with more financial partners are likely, according to a person with knowledge of the situation.

One of the first use cases for x money is to the site to the site to accept payments and store funds without external institutions, said this person, who spoke on the Condition of Anonymity to Discussion to Discussion to DISCUSS.

In November 2022Musk suggested to the platform’s advertisers in a meeting publicly broadcast on spaces that its coming payments products product might might ultimetely offer certain banking features, SUCH-AILELEL nt.

REPRESENTIVES OF Visa Declined to comment on the matter.