X moves closer to super app status with Visa-powered digital wallet plans

XMoney platform will likely enable Peer-to-peer (P2P) payments and an integrated e-wallet within the X app

Elon Musk-owned social media platform, X (formerly Twitter) is set to get built-in financial services. X has partnered with the US-based financial services company Visa to enable digital transactions and e-wallet services on the X app. X's CEO, Linda Yaccarino, announced the partnership in a post on the platform and said that the company's "XMoney" service will debut later this year.

Visa has also confirmed that XMoney Account in the US will be powered by Visa Direct, the company's instant money transfer solution, "to fund and transfer money in real-time" with debit cards.

 

The upcoming XMoney platform will offer the following features:

• Instant funding to the user's X Wallet through Visa Direct.
• Connection to the user's debit card, allowing Peer-to-peer (P2P) payments.
• Option to instantly transfer funds to a bank account.

According to a report by TechCrunch, the XMoney platform will likely be integrated into the existing X app, as traces of the new payment feature have been discovered in its code.

The report also stated that X has already obtained money transmitter licenses in more than 40 US states for its X Payments subsidiary. However, XMoney is not expected to be available in all the US states at the time of launch. Currently, there is no information on the availability of X's payment platform in regions beyond the US.